With a major project in the works, light rail will soon inch closer and closer to Redmond.

Last week, the U.S. Department of Transportation rolled into action by announcing a $1.33 billion loan to Central Puget Sound Regional Transit Authority (Sound Transit) for construction of the 14.5-mile East Link Light Rail Extension Project from Seattle to Redmond. According to a press release, the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan will expand the Link system serving the Puget Sound region and help Sound Transit implement a voter-approved regional capital improvement plan.

“This is really good news for Redmond and the Puget Sound region,” said Redmond Mayor John Marchione. “This partnership shows how Sound Transit is working creatively with its partners to connect our region together with a quality transit system. The TIFIA loan helps fund Link light rail to Overlake, which brings us one step closer to our goal of funding light rail all the way to downtown Redmond.”

OneRedmond CEO Bart Phillips said he was pleased with the announcement, as well: “The Redmond and Eastside economy is based on access and mobility of talent. A robust multi-modal is a necessity if the region wants to grow, retain and recruit the types of knowledge-based firms that have defined the Eastside economy.”

Construction is expected to begin later in 2015, with a targeted opening date of 2023. The new line is expected to serve approximately 50,000 daily riders by 2030.

Sen. Andy Hill (45th Legislative District, R-Redmond) said that leveraging the federal loan will allow the region to invest in additional transportation infrastructure, giving residents more value for their tax dollars.

“Over the next decade, the Redmond area will continue expanding transportation options ranging from roads, to multi-use paths like the Redmond Central Connector, to the arrival of light rail. Adding stability to these projects will enable area businesses to plan for future development that addresses the needs of Redmond residents and employees,” Hill said.

According to Sound Transit, extending light rail in this corridor — which is one element of a 50-mile system — is aimed at creating 40,000 jobs in construction and future economic development, as well as increase access to growing software and biotech industries in the greater metropolitan area.

“This project demonstrates the great things that can happen when federal, state and local partners work together to make critical transportation infrastructure investments,” said Sylvia Garcia, Department of Transportation (DOT) chief financial officer and assistant secretary for Budget and Programs.

DOT is also contributing $74.7 million in Federal Transit Administration (FTA) funds and $14 million in TIGER V funds toward the $4 billion East Link Project.