This financing represents the largest loan in the TIFIA program's history. The loan is expected to close in the coming weeks and will allow the MWAA and the Washington Metropolitan Area Transit Authority (WMATA) to proceed with its construction plans for phase two of the project.
MWAA is the lead agency in constructing the 23-mile extension of the existing WMATA system from East Falls Church to Dulles International Airport and beyond into Loudoun County.
Following news of the loan approval, MWAA issued the following statement:
"The approval of a federal low-interest TIFIA loan for the Dulles Corridor Project is a victory for users of the Dulles Toll Road, whose toll payments help fund construction of the Silver Line extension of the Washington region's public transit system. WMATA's objective has always been to keep tolls on the Dulles Toll Road as low as possible and the TIFIA loan is a major factor in meeting that objective.
"Thanks to the favorable interest rates the loan provides, as well as $300 million committed by the commonwealth of Virginia, MWAA will be able to hold tolls at current levels through 2018 and to limit future toll increases.
"Today's announcement is the result of a collaborative effort. 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 will work closely with the U.S. Department of Transportation and our project partners to finalize the remaining loan agreement and we look forward to closing on the loan in the coming weeks, even as we work to identify additional cost savings that will benefit Toll Road users."