Friday, April 20, 2012

Silver Line Worth $386 Million in Taxes for Loudoun County

Loudoun County could receive up to $386 million in tax revenue from Metro's new Silver Line if the county's Board of Supervisors supports the project's extension beyond Dulles International Airport, according to an updated fiscal report, the Washington Examiner reports.

The second phase of the Dulles Rail project, which would add three Metro stations to Loudoun County, would attract 4,837 housing units, 1.4 million square feet of office development, 670,000 square feet of retail and 294 hotel rooms by 2040, a consultant hired by the county reported.

The promise of economic development in the outer Washington suburb is one factor the county board is weighing as it considers whether to commit at least $264 million to help build the Silver Line, another $16 million annually to maintain the line and millions of additional dollars in interest on money borrowed by the county to build it.

The county would also have to build three parking garages at the stations at a cost of $38 to $52 million each.

Read the complete Washington Examiner article.

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