Prototype News

Fortress Investment Group-backed Brightline West (a.k.a., DesertXpress Enterprises, LLC) on Nov. 20 reported entering into a “transaction support agreement that is expected to culminate in a private exchange by holders of a significant majority of the $2.5 billion of Series 2025A Bonds issued by California Infrastructure and Economic Development Bank and the Director of the State of Nevada Department of Business and Industry.”

According to Brightline West, it has “begun construction and is finalizing remaining construction contracts” as part of its 218-mile high-speed rail project that is slated to link Las Vegas, Nev., and Southern California. The company reported the “private exchange and the follow-on public exchange … are intended to facilitate the continued construction.” These transactions, it said, “are designed to allow Brightline West adequate time to obtain the additional equity funding, debt financing, and federal loans for the project while enabling construction to progress.”

“The contemplated private exchange has already received broad support from a supermajority of holders of the Series 2025A Bonds, who constitute most of the largest holders of the Series 2025A Bonds,” reported Brightline West, which noted that it “hopes that 100% of the Series 2025A Bonds will participate in either the private exchange or the follow-on public exchange and is enhancing the terms of the new Series 2025B Bonds that will be received by investors in the exchange.”

Brightline West said it “intends to launch the follow-on exchange, on a public basis, promptly after settlement of the private exchange to allow additional holders of the Series 2025A Bonds to participate on the same economic terms.” All holders that participate in the exchanges, it said, “will receive the same compensation in the form of, among other things:

• “A pro rata portion of up to $1.8 billion (depending on participation levels) of new senior secured bonds in Brightline West (on a par-for-par basis for exchanged Series 2025A Bonds not being repurchased as described below). The new Series 2025B Bonds will be senior in right of payment to Brightline West’s subordinated debt (including any Series 2025A Bonds that do not participate in the exchange).”
• “A pro rata repurchase of participating Series 2025A Bonds of approximately $700 million, at a 1% premium, reducing Brightline West’s outstanding bond debt (excluding escrow bonds anticipated to be issued substantially concurrently with the closing) to approximately $1.8 billion.”
• “Accrued and unpaid interest on such holder’s Series 2025A Bonds validly tendered for repurchase and exchange to, but not including, the closing date (expected to be on or around November 26, 2025.”
• “A pro rata number of warrants for up to 7.5% of the common units of BL Trains Holding West LLC and, in exchange for additional liquidity that may be retained by Brightline West, a pro rata number of warrants for an additional 7.5% of the common units of BL Trains Holding West LLC.”

Brightline West said it has also “committed to raise at least $400 million in equity by March 31, 2026 (and expects to receive $50 million of such equity on each of January 1, February 1 and March 1 of 2026), $250 million of which will be used to redeem the Series 2025B Bonds and the remainder would be used to continue to advance the project.”

Brightline West in April 2024 held a groundbreaking ceremony for the project, for which Siemens Mobility has been designated as the preferred bidder to supply 10 seven-car “American Pioneer 220” electric trainsets capable of speeds up to 220 mph.

Bloomberg this fall said the project will cost $21.5 billion, Railway Age reported, and “[a]ccording to the U.S. Department of Transportation (USDOT) website, which lists Brightline West as a ‘loan applicant,’ and as reported by Bloomberg, the price tag … has swelled by nearly 35%. The higher cost has led the … company to seek $6 billion from the POTUS 47 Administration.”

According to Railway Age’s report, Brightline CEO Mike Reininger acknowledged that costs are rising, and is working on raising the needed funds; Bloomberg reported that “the federal loan ‘will take the place of a $6 billion bank facility on Brightline West’s original financing plan.’ The company, Reininger said, ‘plans to raise equity to cover most of the $5.5 billion increase in construction costs. It initially targeted an equity raise of $1 billion.’”

• Brightline Financial Woes Continue
• Report: Brightline West Costs Balloon to $21.5B
• Brightline Loses Nearly $550MM in 2024, but Keeps on Going

The post Brightline West Entering ‘Transaction Support Agreement’ appeared first on Railway Age.

TriMet recently announced that it is in the process of completing a round of organizational changes as part of the agency’s ongoing effort to address a significant structural budget gap and bring staffing levels in line with revenue.

In total, the agency eliminated 68 positions—more than half of which were vacant. Twenty-six employees were laid off. No union employees were laid off this round, but some were transferred to other jobs under the Working and Wage Agreement, as their positions were among those being eliminated.

These staff reductions, TriMet says, “come after months of difficult decisions and careful planning as part of a thorough workforce analysis. They were based on operational streamlining and are not a reflection of the contributions of individuals who held the positions. Where possible, reductions were made through attrition to reduce the need for involuntary separations.” For those employees who were laid off, TriMet is offering severance and reemployment assistance to support them. The staffing reductions follow earlier cost-cutting measures such as a hiring freeze, discretionary spending cuts and extensive efforts to identify internal efficiencies—work that continues today, the agency noted.

TriMet faces a $300 million shortfall between projected revenues and expenditures over the next several years, a challenge that, the agency says, “cannot be solved through short-term measures alone.” The internal budget cuts so far have decreased spending by $17.7 million. Those cuts include the reduction of staff, as well as internal reorganization of some work groups and reducing discretionary spending.

“These administrative cuts are part of a broader recovery plan to stabilize TriMet’s finances and ensure long-term sustainability so we can continue providing the public transit service our region needs for decades to come,” TriMet General Manager Sam Desue Jr. said.

That plan, TriMet says, includes pursuing new funding sources, as well as exploring a fare increase and new revenue opportunities. The goal is to balance the agency’s budget by July 1, 2028.

“Layoffs are always a last resort,” Desue said. “We’ve worked hard to limit them as much as possible, but the financial realities we face made some layoffs unavoidable.”

Service changes being planned for Nov. 30, 2025, and March 2026 will mean fewer buses on some bus lines during times when ridership is lower, TriMet noted. “More extensive service cuts later in 2026 and 2027 will help bring service levels in line with our funding. As we scale back our transit service, staffing needs will naturally shrink. Again, any necessary employee reductions will first be made through attrition to limit the need for involuntary separations.”

“With rising costs and challenges around sustainable funding, our expenses have outpaced our revenue, despite our efforts to increase ridership and make riding easier and safer,” Desue added. “We remain committed to taking the action needed to protect the core transit services our community depends on.”

For service reductions, the agency says it has recently wrapped up an initial round of community engagement during which people shared feedback on the priorities they would like TriMet to consider in its service decisions. In January, TriMet will be releasing proposals for the broader service cuts to be implemented in the latter part of 2026 and will open up another round of community engagement to gather rider and public sentiment.

More information is available here.

All 28 of Maryland’s Purple Line Light Rail Vehicles (LRVs) have arrived in New Carrollton, marking a major milestone for the project, which, officials say, “will knit communities, ease commutes, promote public transit, and link riders to 21 stations—from New Carrollton to Bethesda—and key destinations across the corridor.”

28 of 28! All 28 Light Rail Vehicles have arrived in Maryland; a major milestone for the Purple Line. This vital connection will knit communities, ease commutes, promote public transit and link riders to 21 stations and key destinations across the corridor. #PurpleLineprogress pic.twitter.com/fPPt88PsYd

The post Transit Briefs: TriMet, Maryland Purple Line appeared first on Railway Age.

The American Steam Railroad Preservation Association needs to raise $15,000 to replace the rod brasses on Reading Company 4-8-4 2100, a vital part of the locomotive’s ongoing restoration. 

The locomotive has been under restoration in Cleveland for nearly a decade, and volunteers are hopeful it will run in 2026. When it does, it’s expected to wear a red, white, and blue livery inspired by sister engine 2101, which led the American Freedom Train in the 1970s. The 2100 will also be renumbered 250. The locomotive was steamed up for the first time following extensive boiler work in April 2025.

“With 2026 approaching and work on the locomotive’s boiler nearing completion, it is time to shift focus on the running gear,” said volunteer Nick Martin. “This $15,000 goal for the rod brasses is the first of additional goals to come in the Making Moves campaign, and if we continue to meet those goals, 250 could make its first moves under steam as soon as spring of 2026.”

Reading 2100 was built in the railroad’s own shops in September 1945 by essentially expanding an existing Baldwin 2-8-0. The locomotive ran into the 1960s. In 1975, it and its sister locomotive, 2101, were purchased by Ross Rowland. Locomotive 2101 was restored for the American Freedom Train while 2100 served as a parts source. Locomotive 2100 was briefly restored in the 1980s before moving to Ontario and then Washington State, where it briefly ran in the 2000s. In 2015, the locomotive was moved to Ohio to be restored by ASRPA. 

Donations can be mailed to the American Steam Railroad Preservation Association, 2800 W. 3rd St, Cleveland, OH 44113, or made online at www.americansteamrailroad.org.

—Justin Franz 

The post American Steam Raising Money For 2100 Running Gear appeared first on Railfan & Railroad Magazine.

MTA on Nov. 19 issued the final 2026 operating budget and four-year financial plan (see above), which it said introduced “a new round of operating efficiencies over the next four years that significantly reduce out-year deficits announced in the July Financial Plan by a total of $418 million.” New cost savings of $675 million, it reported, are the primary driver and raise the cumulative total to more than $2 billion in operating savings through 2029.

“The plan shows a continued balanced operating budget for 2026 and reduces the projected deficit for 2027 by approximately half, from $345 million to $160 million, with additional deficit reductions in 2028 and 2029 thanks to a new round of operating efficiencies that the Authority has identified,” MTA said. The plan, it pointed out, forecasts $75 million more in operating efficiencies for 2027; $150 million for 2027; $200 million for 2028; and $250 million for 2029, totaling $675 million in new cost savings. This is in addition to the annual recurring savings of $500 million that MTA said it is “on track to achieve this year, originally reflected in the November Financial Plan of 2022.”

According to MTA, it has identified new cost savings through “transitioning to Tap and Ride; lower maintenance costs with the rolling deployment of newer and more reliable subway and railcars; optimization of railroad train crew schedules; and other identified efficiencies of internal processes across all agencies.”

Overall, revenue and expenses are on budget for 2025, MTA reported. Farebox revenue “is tracking to budget, primarily driven by stronger farebox performance from the commuter railroads [Metro-North and Long Island Rail Road],” and overall operating expenses “remain below budget,” it said.

“In 2021, the MTA was looking at a $2.5 billion annual deficit, but we have been able to get back on track thanks to the amazing support from Albany,” MTA Chair and CEO Janno Lieber said. “That support allowed us to stay afloat without cutting service, without any layoffs—and another major factor in this agency’s fiscal stability has been the cost savings that we’ve achieved in recent years.”

“The MTA has kept real costs below 2019 levels and through these new cost savings, continues to meet the challenge of identifying new operating efficiencies to further reduce out-year deficits,” MTA Chief Financial Officer Jai Patel noted. “We’ll continue to make smart financial decisions that ensure long-term budget stability, while delivering reliable service customers can count on.”

• Kawasaki to Supply 378 More ‘B’ Division Cars to NYCT
• S&P’s Global Ratings Upgrades NYMTA’s Credit Rating
• NYMTA Releases July Financial Plan
• MTA 2025–2029 Capital Plan Gets Greenlight
• NY Governor Signs FY26 State Budget Into Law

Plans for the new Riverfront Streetcar Station and CPKC Pavilion will be unveiled Nov. 22, according to the KC Streetcar Authority (KCSA), which is partnering with Port KC and CPKC on the project. The station and pavilion in 2026 will become the new northern terminus of the KC Streetcar system and provide access to Berkley Riverfront.

The $5 million pavilion—designed by a local team led by Burns & McDonnell and Zahner—will serve as the ‘front door’ to the Berkley Riverfront, CPKC Stadium, and future development, KCSA reported Nov. 18. It will feature an “artistic metal canopy, sculptural lighting, and enhanced passenger boarding and waiting areas.” Inspired by the Missouri River’s “movement and flow,” KCSA said the pavilion’s “architecturally striking canopy” and “vertical beacons of light” will symbolize Kansas City’s “deep connection to the river that shaped its history.”

The pavilion will be funded by a combination of federal grants and private contributions, according to KCSA. Construction will begin later this year and continue through 2026.

The station and pavilion are part of KCSA’s 0.7-mile Riverfront Extension project (see map above), which is 97% complete and expected to open in early 2026. The extension begins at 3rd Street and Grand Boulevard in the River Market, crosses the existing Grand Boulevard Bridge, and ends near the midpoint of Berkley Riverfront—about a five-minute walk to the home of the KC Current, CKPC Stadium. When complete, the entire KC Streetcar system will cover nearly 6.5 miles from the river to the Roos (University of Missouri-Kansas City).

“Together with Port KC and CPKC, we’re building an end-of-line station that truly reflects the important role this streetcar stop will play in connecting our system to all of Berkley Riverfront for years to come,” KCSA Executive Director Tom Gerend said.

“Partnerships like this are exactly how we continue to transform Kansas City’s riverfront into a vibrant, connected destination,” Port KC President and CEO Jon Stephens said. “The new End of the Line stop will not only connect people to the riverfront—it will create a true sense of arrival and place for everyone coming to experience all that this area has to offer.”

“Our rail network connects businesses, nations, and communities, fueling the economic development that strengthens the places we live and work,” commented Chad Becker, CPKC Chief of Staff. “We are proud to support the KC Streetcar, which is helping redefine how people experience Kansas City. This latest project adds to the successful rebirth of the riverfront anchored by CPKC Stadium and surrounding developments.”

Earlier this fall, KCSA launched its 3.5-mile Main Street Extension, connecting downtown with the Midtown corridor, including the Country Club Plaza district, and ending at the Roos (see map of the current system, above left).

The Oceanside (Calif.) City Council on Nov. 19 voted to advance the proposed Oceanside Transit Center redevelopment project, which NCTD reported was “a significant step forward” in its transit-oriented development (TOD) strategy. The project plans will proceed to the California Coastal Commission for final review in 2026.

The Oceanside Transit Center is a hub for transit services in North County, connecting communities to San Diego, Los Angeles, Orange County, and North County inland cities. It is the only station served by SPRINTER hybrid rail, COASTER commuter rail, Amtrak intercity rail, Metrolink commuter rail, BREEZE fixed-route bus, and LIFT paratransit services.

The redevelopment project represents nearly $100 million in private investment and includes a dedicated transit customer service center, a station plaza, improved public waiting areas, a new public parking structure, and the relocation of a bus island to provide direct bus-to-rail connectivity and reduce passenger walk times roughly 50% when compared with the existing configuration, according to NCTD. The project also includes 170 hotel rooms, nearly 30,000 square feet of ground-floor retail space, and 547 residential units (15% of which will be dedicated as affordable housing for low- and moderate-income households). Toll Brothers Apartment Living is the project manager; it will oversee construction and provide site management upon project completion.

NCTD reported that its headquarters will be relocated from 810 Mission Avenue to the redeveloped Oceanside Transit Center (235 S. Tremont); this will create an opportunity for Toll Brothers Apartment Living to develop 206 mixed-income units (including 31 for low- and moderate-income households) at the Mission Avenue site.

“The vision for a reimagined Oceanside Transit Center is the result of more than three years of public outreach, collaboration, and compromise between a diverse coalition of local residents, nonprofits, transit, and housing advocates, and of course the City of Oceanside and NCTD,” said Michael McCann of Toll Brothers Apartment Living. “Downtown Oceanside has become such a unique destination that deserves a world-class transit center. We’re proud to be part of the team that will deliver a project that benefits not only Oceanside, but the region as well.”

According to NCTD, the Oceanside Transit Center redevelopment project is the first of 11 planned redevelopment projects at NCTD rail stations. Collectively, these developments are expected to generate approximately 2,341 housing units—884 of which will be designated affordable—along with 275 hotel rooms in coastal areas and an increase of 55,800 square feet of retail space.   

WMATA along with development partners Rushmark Properties and EYA, LLC, and Virginia elected officials on Nov. 19 broke ground on a dense, mixed-use community, just steps from the West Falls Church Metrorail Station.

The Falls Church Gateway Partners will transform 24 acres of WMATA-owned parking lots into “a vibrant neighborhood that enhances transit accessibility and supports affordable housing,” according to the transit authority.

The project will be developed in three phases and include up to 1 million square feet of new residential, office, and retail space. The residential portion will feature up to 810 apartments and 82 townhomes with affordable housing components. It also includes a new street grid with improved pedestrian, bike, and bus access. New public spaces like civic plazas, pocket parks, and a dog play area will also be created, WMATA reported.

The first phase will open with townhomes starting in 2027 and apartments in 2028.

“Groundbreakings are about new beginnings, and West Falls Church is set for an exciting new chapter,” WMATA General Manager Randy Clarke said. “With the Silver Line’s arrival [in 2022], these lots became underused, creating an opportunity to build a community steps from the station. When we build more housing near transit, the entire region benefits—from growing ridership to reducing traffic congestion to creating better quality of life opportunities and more access to jobs and entertainment.”

“By transforming 24 acres of Metro-owned land into a vibrant, walkable, mixed-use neighborhood, this community will have a new place where people can live, work, and connect—without needing a car for every trip,” WMATA Board Member and Fairfax County Supervisor Walter Alcorn said. “This redevelopment—with new homes, offices, retail, and public spaces—shows what’s possible when Metro [WMATA], Fairfax County, and our partners unite around a shared vision for smart, transit-oriented growth that benefits our residents, our economy, and our region.”

The TOD project complements two others for a total of nearly 42 acres around the Metrorail station: West Falls and the Virginia Tech Northern Virginia Center, which includes the new the HITT headquarters.

The DART Board of Directors approved a $16.8 million contract with Preferred Technologies, LLC for a system-wide upgrade of camera and monitoring equipment and exercised a contract extension and increase with Texas Elite Facility Services for cleaning services (worth $7.8 million), the transit agency reported Nov. 19. DART operates light rail, Silver Line regional rail, Trinity Railway Express, bus routes, GoLink on-demand service, and paratransit, moving more than 220,000 riders daily across a 700-square-mile, 13-city region of North Texas.

Preferred Technologies, LLC, will upgrade DART’s surveillance camera system, replacing of “thousands” of cameras while unifying DART’s hardware and software. The move will increase efficiency and collaboration between DART PD and operations, according to the transit agency. The cameras and related systems will cover trains, buses, platforms, bus stops, and facilities. The contract also includes advanced analytics capabilities to improve response times, DART said. This is the first major overhaul of the DART camera system since 2010. DART PD and the operations and technology departments are collaborating to identify priority locations, and fieldwork will begin in the first part of 2026. 

The Texas Elite Facility Services contract covers bus stop and shelter cleaning services. According to DART, the contract extension “increases quality control measures and includes integration of the vendor with DART’s internal maintenance system for faster response times.” The transit agency said the new contract doubles the cleaning frequency for bus shelters, “which is a priority” as DART is installing 1,200 new next-generation shelters. It also standardizes inspections from the vendor and DART, “making more bus stop and bus shelter inspections possible more often.”

Separately, TOD within a quarter mile of DART light rail stations has generated $18.1 billion in direct economic impact to North Texas over the past 25 years, according to the University of North Texas Economic Research Group. This includes a $1.0 billion direct impact from 2022 to 2024 based on 37 development projects.

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