Mineta Accepts Early Repayment from Alameda Corridor
Transportation Secretary Norman Mineta accepted $573 million from the Alameda Corridor Transportation Authority as early repayment of a federal loan that was used to launch the project.
“In 1997, we invested in a project that had a strong vision for the future that included two compelling new concepts – intermodalism and innovative financing,” Secretary Mineta said. “Now, seven years later, we are seeing how much the Alameda Corridor is contributing to the local, national and global economy. This, combined with effective use of taxpayer money, makes the Alameda Corridor a model project for the country.”
The repayment, the Department of Transportation said, was 28 years early and included the $400 million principle of the loan and $173 million in interest.
The corridor is a 20-mile high-speed freight rail line opened in April 2002. About half of the line runs underground and transportation officials said that by combining 90 miles of branch railroads into one high-speed rail line, the corridor eliminated more than 200 railroad crossings.
The loan, according to a DOT release, is being repaid with low-interest bonds, saving the corridor group about $65 million.
