Thursday, August 21, 2014

Feds close on $1.28 billion TIFIA loan to MWAA for Silver Line Phase Two

The U.S. Department of Transportation (USDOT) closed a $1.28-billion Transportation Infrastructure Financial Innovation Act (TIFIA) loan to the Metropolitan Washington Airports Authority (MWAA) for construction of Phase Two of the Metrorail Silver Line extension.

 

Work will begin at the Wiehle Avenue Station, where Phase One work ended and includes construction of 11.4-miles of track from Wiehle Avenue to Route 772 in eastern Loudoun County. Six new stations will also be constructed along the way, Reston Town Center, Herndon, Innovation Center, Washington Dulles International Airport, Route 606 and Route 772 and a new Service and Inspection Yard at Dulles International.

"The first phase of the Silver Line has been an overwhelming success and we look forward to ensuring the second half is just as successful, with the help of this $1.28-billion loan from the federal government," said U.S. Transportation Secretary Anthony Foxx. "When complete, the Silver Line will help residents and visitors get where they need to go safely, quickly and affordably."

The Silver Line is being constructed by MWAA and operated by the Washington Metropolitan Area Transit Authority (WMATA). The new line is expected to serve approximately 85,700 daily riders by 2030.

"MWAA and our project partners made securing a low-interest TIFIA loan a top priority, because of the financial benefits it offered to the Dulles Toll Road users and taxpayers," stated MWAA. "Thanks to the favorable interest rates the loan provides, as well as the financial commitment from the commonwealth of Virginia, MWAA will be able to hold tolls at current levels through 2018 and limit future toll increases.

"We appreciate the support and dedication of Northern Virginia's congressional delegation, legislators and officials in Richmond and the numerous local elected, business and community leaders, all of whom have helped make this day possible," MWAA continued. "We are also grateful for the hard work and support of the TIFIA team at the U.S. Department of Transportation, especially Secretary Anthony Foxx, his predecessor Ray LaHood, Chief Financial Officer and Assistant Secretary for Budget and Programs Sylvia Garcia and her team, without whom this closing would not have happened."

 

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