Fairfax gives final approval needed for Dulles rail agreement

Written by jrood

The Virginia Fairfax County Board of Supervisors approved changes to the funding agreement for the second phase of the Dulles Rail project, saving as much as an estimated $757 million in fees for Dulles Toll Road users. The board's authorization was the final step needed to adopt the changes. The project's other partners, the Metropolitan Washington Airports Authority, Loudoun County, Commonwealth of Virginia and U.S. Department of Transportation, agreed to the deal last month. "This strategy brings the cost of Phase 2 back down close to the original estimate and goes a long way to ensure this critical transportation project is completed," Chairman Sharon Bulova said. "Dulles Rail remains my top transportation priority and I am glad to approve this strategy." Toll road commuters, who are paying for 75 percent of the project's second phase, will see savings because the deal shaves the total cost by a third, from an estimated $3.8 to $2.8 billion. The most significant source for these savings results from the decision to build an above-ground station at Dulles Airport. As was agreed, total project costs are shared as follows: 16.1 percent by Fairfax County; 4.8 percent by Loudoun County; 4.1 percent by the Metropolitan Washington Airports Authority; and 75 percent (less any federal and state funding) by Dulles Toll Road revenues. To help pay for its overall share for the project, the county also plans to apply for a federal loan of up to $315 million under the Transportation Infrastructure Finance and Innovation Act. With its potentially low interest rate and option to defer repayment, this loan will save taxpayers money. To further defray costs for toll road users, the state also agreed to seek $150 million in funding from the Virginia General Assembly. The county's share for the entire Dulles Rail project is estimated to be $893 to $923 million. Of this amount, $730 million, or approximately 80 percent, will be paid for by voluntary, special tax districts created by landowners. The second phase of the rail project runs from Wiehle Avenue in Fairfax County to Route 772 in Loudoun County. The second phase of the project is estimated to be completed in 2017.The first phase of the project is currently under construction and it expected to be completed in late 2013.

Tags: