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TriMet is getting a healthy amount of money for its Portland-Milwaukie Light-Rail transit project.

Federal Transit Administrator Peter Rogoff today signed off on $745.2 million in federal funding for the PMLR. The 50 percent commitment of the project’s total cost allows construction of the $1.49 billion, 7.3-mile MAX line to move into full swing. The line is slated to open in September 2015, said TriMet spokeswoman Mary Fetsch.

Rogoff made the announcement after taking a short tram ride up to the Oregon Health & Science University for an aerial view of the future project’s scope. He was joined by Rep. Suzanne Bonamici, D-Ore., Portland Mayor Sam Adams and other local dignitaries who offered praise for the project at a press conference this morning at 10 a.m. According to TriMet, the project is expected to create 14,500 direct and indirect jobs and generate up to $573 million in personal earnings.

The federal contribution joins approximately $569 million in local funding. Finance costs are $176 million, from which bond interest will be paid by local agencies including the state, Metro, TriMet and the city of Portland. Funding sources include:

• Oregon lottery-backed bonds: $250 million
• Metro (largely from federal funds, with $300,000 from local bond measure): $119.4 million
• The city of Portland (including $5 million in property): $55 million
• TriMet: $47.4 million
• Clackamas County: $25 million
• Oregon Department of Transportation: $23.7 million
• Willamette Shoreline Consortium (property): $22.2 million
• Oregon Health & Science University (property): $15.3 million
• Zidell Realty Company (property): $5.3 million
• The city of Milwaukie: $5 million
• Portland State University (property): $874,448
• Portland Community College (property): $33,646

Construction of the PMLR will include 10 stations and a first-of-its kind multi-model bridge over the Willamette River that will carry light rail, bus, street car, bike and pedestrian traffic. Once complete, the PMLR line will be TriMet’s sixth line and will expand the rail system to 60 miles and a total of 97 stations.