The Board of
Directors of the Northwest Indiana Regional Development Authority has
approved a resolution formalizing the RDA's financial commitments to the
South Shore commuter line’s West Lake and Double Tracking bond issues.
The board also
formally accepted reports from KPMG and Farr Associates which, along with
the resolution, will be submitted to the Federal Transportation
Administration (FTA) today by the Northern Indiana Commuter Transportation
District (NICTD).
These items are
part of the package which NICTD is submitting to FTA for a project rating,
the first step in securing federal matching funds for West Lake and Double
Tracking. This submission will come just over a week after local and state
officials, including Gov. Eric Holcomb, met with Transportation Secretary
Elaine Chao, who praised these projects for their bipartisan nature and
focus on private investment.
“For Indiana, the
Crossroads of America is more than a motto--it's a mission,” Holcomb said.
“Today's actions by the RDA Board propel the northern and northwest regions
of our state to capitalize on location by working to improve access to one
of the nation's largest economies, neighboring Chicago. Connecting Indiana
through double tracking the South Shore line will help take our economy to
the next level by building a brighter future for Hoosiers.”
Wednesday's
resolution reinforces the RDA's financial leadership position in funding
West Lake and Double Tracking and it allows the RDA to borrow up to $750
million to cover the construction costs and debt service on the two
projects.
“I commend RDA
President and CEO Bill Hanna and the RDA Board of Directors for
demonstrating their commitment to the future of Northwest Indiana by making
this tangible financial commitment to the South Shore Rail Line," said U.S.
Rep. Peter Visclosky, D-1st. “The RDA's collaborative work with NICTD and
our other state, local, and community partners will have innumerable
positive benefits for all current residents and generations to come.”
Projects like West
Lake and Double Tracking are exactly the kind of transformative regional
projects that Indiana legislators had in mind for the agency when it was
created 12 years ago, said RDA President and CEO Bill Hanna. “West Lake and
Double Tracking represent the largest investment in commuter rail ever made
in Indiana. Together, they are projected to double South Shore ridership;
attract an estimated 11,000 new residents to Lake and Porter counties;
create more than 6,000 new jobs in Indiana; and catalyze more than $2
billion in private investment in Lake, Porter, LaPorte and St. Joseph
counties over the next 20 years.”
For more details on
West Lake and Double Tracking, download the RDA's updated strategic plan at
in.gov/rda