The U.S. Department of Transportation will issue a $1.3 billion grant to Metro for the final phase of the Purple Line subway extension - the last major piece of funding required to completion construction.

The funding agreement, announced yesterday by Senator Dianne Feinstein, will cover more than one third the $3.6-billion price tag for the third section of the Purple Line extension, which will span roughly 2.5 miles between Century City and the Veterans Administration Campus in Westwood. The remaining funds will come from local sales tax revenue, as approved by Los Angeles County voters.

Following a 30-day review period mandated by federal law, the $1.3 billion grant will be delivered through a multi-year full funding grant agreement, which requires no repayment by Metro.

Construction of the Purple Line extension is split into three segments, two of which are already in the midst of construction. The seven-mile extension will include seven new stations, located in the Miracle Mile, Beverly Hills, Century City, and Westwood. The three sections are expected to open in 2023, 2025, and 2027 - one year prior to the 2028 Summer Olympic Games.

According to Metro, the Westside ranks as the second largest job center in the Los Angeles area, with more than 300,000 commuters traveling to the area each weekday. Metro anticipates that the full extension will generate approximately 49,300 daily riders on its own, and result in approximately 78,000 new daily trips on the full Metro rail system.

"Los Angeles is in the midst of a once-in-a-generation moment for public transportation," said Los Angeles Mayor Eric Garcetti in a statement. "The idea of linking the Westside to Downtown is no longer a distant dream, but a reality that's within our grasp."