CLEVELAND – The Greater Cleveland Regional Transit Authority (RTA) met with Federal Transit Administration (FTA) officials in Washington, D.C. on Feb. 9, 2017, to discuss the basis of the $12 million debt specified by the FTA for the breach of its Full Funding Grant Agreement, resulting from the closing of Superior Avenue within Public Square.
RTA told the FTA that payment of the $12 million would cause it great financial harm.
The FTA explained that the $12 million was a fraction of the actual debt. Based on Section 19 of the Full Funding Grant Agreement, any breach of the original agreement could result in a debt equal to all the Federal Funds for the entire Euclid Corridor Transportation Project, which is $142.8 million.
FTA representatives specifically lauded the project for being the catalyst in creating more than $6.3 billion in economic development along the Euclid Corridor and referenced the recent study by Cleveland State University issued two weeks ago, which noted the doubling of high-paying jobs along the HealthLine since it began operation.
RTA expects to hear back from the FTA at a later date.
Currently, the date by which this roadway must be open to RTA, or the date by which the debt must be paid, is Feb. 21, 2017..
Linda Scardilli Krecic