Sound Transit signed a $1.33 billion low-interest loan agreement Friday with the U.S. Department of Transportation to help the local agency reverse some cuts after the recession.
The loan, at a rate of 2.4 percent, 2.38 will go toward building light rail to Bellevue by 2023. It wouldn’t be fully repaid until 2058.
Because of low and delayed interest payments, Sound Transit could save enough money to revive some $200 million to $300 million worth of projects, in any part of its three-county service territory, said finance director Brian McCartan. Possibilities include a permanent Edmonds Station, a light-rail segment from Kent-Des Moines Road to north Federal Way, or more frequent express-bus service.