The economic future of Somerville and Medford is on a fast track after the Green Line extension passed one of the last key financing milestones for a plan that calls for adding six stops to the popular MBTA route.
"The economic impact is unlimited for Somerville," said city Mayor Joseph Curtatone.
Curtatone said the extension will be more transformative to the city than even Assembly Square, a project that was made possible by a new Orange Line station.
The project will add six stations in Somerville and Medford, including a new branch to Union Square and a stop at College Avenue in Medford.
In its evaluation of the extension, federal transportation officials said the area's future development is largely dependent on transportation improvements.
"The corridor's capacity to accommodate additional development depends on the improvement in the transportation access that would be provided by the Green Line Extension," the report says.
The project will get nearly $1 billion in federal money, the Federal Transit Administration said in a letter to a U.S. Senate committee.
The rest of the project will be paid for by $996 million in state bonds and $305 million in state operating funds.
U.S. Rep. Michael Capuano, who represents Somerville and served as mayor of Somerville, said the project will have more than just economic benefits, adding that the line "is really intended — in my mind — to serve people who have been underserved for forever."
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