Financing in place for transit garage in Mass.

AP News
|
Posted: Dec 07, 2009 2:59 PM

It's a green light for a new $47 million parking garage at the Wonderland MBTA station in Revere.

Massachusetts Gov. Deval Patrick and other officials announced on Monday that federal stimulus funds and revenue from MBTA bonds will help finance the 9-story garage, which will accommodate 1,900 vehicles.

Construction is expected to begin in 2010.

The state Department of Transportation has authorized $22.7 million in federal stimulus funds and $11.3 million in bond revenue for the project. The remainder of the funding will come from federal earmarks and a state grant to the city of Revere.

Officials say they expect revenues from the new garage to more than offset borrowing costs for the T.