Monday, February 24, 2014

Metropolitan Washington Airports Authority invited to apply for TIFIA loan for Silver Line Phase 2

The U.S. Department of Transportation's (USDOT) Transportation Infrastructure Finance and Innovation Act (TIFIA) Credit Council has given preliminary approval on a nearly $1.9-billion federal loan for the Dulles Metrorail Silver Line Phase 2 project in Virginia.

 

Metropolitan Washington Airports Authority (MWAA) is the lead agency constructing the 23-mile extension of the existing Washington Metropolitan Area Transit Authority system from East Falls Church to Dulles International Airport and beyond into Loudoun County. Now that USDOT has approved the creditworthiness of the project, the next step will be for the project's partners, Fairfax and Loudoun counties and the MWAA, to submit final paperwork for TIFIA loan approval, which can be expected later this year.

"A lot of us have worked hard for many years to keep this vitally important project on track," Sen. Mark Warner (D-VA) said. "Rail to Dulles is one of the nation's most significant infrastructure projects and this project is key to the future economic growth and expanded economic opportunity for Northern Virginia. Today's development represents a significant step forward and I am pleased that this federal support will allow us to continue moving forward with the project and buy-down tolls for commuters."

MWAA says that assuming the process is completed successfully and with the added $300 million from the commonwealth of Virginia, the loan will be instrumental in helping MWAA achieve its goal of holding toll rates constant through 2018.



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