The Fort Worth Transportation Authority has been honored as the Southwest Deal of the Year at The Bond Buyer’s 16th Annual Deal of the Year Awards Dec. 6 in New York City.
The Deal of the Year Awards recognizes innovation in municipal finance, and is open to all transactions closed between Oct. 3, 2016 and Sept. 29, 2017.
Known as The T, the authority was honored for advancing a $1 billion rail line — known as the TexRail line — from downtown Fort Worth to Dallas Fort Worth International Airport with an innovative loan structure that was built around grant funding from the federal government.
In recognizing The T, Bond Buyer said the project “delivers a much-needed commuter rail line that will alleviate traffic, provide much needed rail service to DFW Airport, connectivity to Dallas Area Rapid Transit’s rail system, as well as improving air quality.”
BOND BUYER PUBLISHER SOURCEMEDIA SPONSORS AWARDS
The $325 million loan is in the form of privately placed five-year notes that were secured mostly by a Full Funding Grant Agreement from the Federal Transit Administration under the New Starts program, Bond Buyer noted. Once the FTA grants are paid, the loan will be paid off, and the TexRail project will be debt free again.
The T plans to begin service in late 2018 on the 27-mile TexRail line.
The awards are sponsored by SourceMedia, publisher of The Bond Buyer and other financial services industry publications.
Get on the list.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
And, you’ll be the first to get the digital edition of our new Dallas Innovates magazine:
The annual edition publishes in January