PHILADELPHIA (KYW Newsradio) — SEPTA’s scheduled King of Prussia Rail Project is getting an infusion of federal cash to keep it on track.
SEPTA agreed to take $40 million from the nearly $900 million in CARES (Coronavirus Aid, Relief, and Economic Security) Act funding it received from the federal government to cover its day-to-day operating expenses and shift it to the transit agency’s capital budget.
SEPTA will then pay Amtrak for the rights to use tracks for the Regional Rail for 2021 and move capital funds to cover advancing the King of Prussia Rail Project.
Jody Holton, SEPTA assistant general manager of planning, said the funds will move the project into a critical phase.
“And what that phase will do will help us put together 30% design as well as a financial plan and some other information that’s required to apply for competitive federal grant programs for the project,” she explained.
She’s confident the transit agency will be able to attract the federal dollars — nearly $1 billion — needed to put the project together.
The $2 billion King of Prussia Rail Project involves a 4-mile extension of the Norristown High-Speed Line through Upper Merion Township and into King of Prussia, where there will be a business park. The line includes five stations.
SEPTA officials say the project will be crucial to the recovery of the region as it slowly emerges from the crippling economic effects of the coronavirus pandemic.
Holton said the financial move puts the project about four to six months ahead of schedule. If all the pieces fall into place, SEPTA officials said construction could begin as early as 2025.