Thursday, May 1, 2014

Loudoun County' s Application Approved for TIFIA Loan for Dulles Rail Project

The U.S. Secretary of Transportation has approved Loudoun County's application for credit assistance for Loudoun's portion of the Dulles Corridor Metrorail Project.  Loudoun County is now eligible for a low-interest loan of up to $195.1 million through the Transportation Infrastructure Finance and Innovation Act (TIFIA) program to help finance the extension of Metro Rail's Silver Line into Loudoun County.   
Loudoun's funding partners in the project, the Metropolitan Washington Airports Authority (MWAA) and Fairfax County, also have been approved for TIFIA assistance.  MWAA is eligible for credit assistance up to $1.28 billion, while Fairfax County is eligible for a loan of up to $403.3 million. 
"This is good news for our commuters and taxpayers," said Scott K. York, Chairman of the Loudoun County Board of Supervisors.  "This will help finance the project with the least cost to Loudoun taxpayers and will help keep rates down on the Dulles Toll Road." 
The TIFIA loan has the potential for a delayed repayment schedule, which would allow the Metrorail Service Districts located in the areas surrounding the three planned Loudoun County Metro stations to accrue revenue. The service districts were created to help pay for the construction of the Silver Line to Loudoun and for the ongoing costs of providing the Metrorail service at those stations.  An additional real property tax may be levied in the districts for these purposes, at a maximum rate of $0.20 per $100 of assessed property value.  
York praised Loudoun County staff for the work that led up to the TIFIA financing approval. The lengthy pre-application process included a detailed Letter of Interest, a credit-worthiness review, and a presentation to federal transportation officials.  
More information about the Dulles Rail project is online at  


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