A funding deal between Metro and the Foothill Extension Construction Authority — the agency building the light rail line — was completed today, according to Authority officials.

The Board of Directors agreed to go forward with the so-called ‘funding transfer agreement’ was approved by the Board of Directors of Metro earlier this year, but a few details remained to be worked out. The deal allows Metro to transfer Measure R funds to the Authority, which will construct the line between Pasadena and Azusa and then hand it over to Metro, which will operate it.

The Construction Authority held a ceremonial groundbreaking in Arcadia last Sunday. Work on bridge over the southbound 210 freeway in Arcadia is expected to begin later this year.

Here’s the email sent out today by Foothill Extension Constrution Authority CEO Habib Balian:

Moments ago, the Construction Authority and Metro finalized anMoments ago, the Construction Authority and Metro finalized and executed the Master Cooperative and Funding Transfer Agreements for the Foothill Extension. These agreements layout the working relationship between the two agencies during the design and construction phase, and formalize the schedule of funding (totaling $810 million) over the next nine years.

Signing the agreements today is a triumph for both agencies and the result of hundreds of hours of difficult work. My thanks to those staff and attorneys from both agencies, and particularly Paul Taylor at Metro for his stewardship over this process.

Today’s events are especially timely following Saturday’s historic groundbreaking and the recent award of the first contract for Phase 2A – the Iconic Freeway Structure – to the SKANSKA/AECOM team.

Now we will focus our efforts on finalizing the remaining agreements that must be completed before major funding is distributed: the shared-use agreement between Metro and BNSF, and the completion of the environmental review and purchase of land for the Maintenance and Operations Facility. As we progress on those, we will also continue our procurement of the more than $400 million contract for the Phase 2A Alignment construction to be awarded in the Spring 2011 – likely to be the single largest public works contract awarded in 2011 anywhere in the nation.

As you can see, there is still much work to be done. I am confident with our course now charted, success is within reach.

The Journey Continues,

Habib F. Balian