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[CNJRoss]

Metropolitan Washington Airports Authority (MWAA) news release:

For Immediate Release
February 21, 2014

Airports Authority Statement Regarding Invitation to Apply for TIFIA Loan

Below is a statement from the Metropolitan Washington Airports Authority regarding the invitation from the U.S. Department of Transportation to apply for a Transportation Infrastructure and Innovation Act (TIFIA) loan for the Dulles Corridor Metrorail Project. The Airports Authority is seeking the loan in conjunction with its local partners on the Metrorail Project, Fairfax County and Loudoun County.

"Today's formal invitation to apply for a federal low-interest TIFIA loan for the Dulles Corridor Metrorail Project is a major step forward in the Airports Authority's effort to minimize toll rate increases on the Dulles Toll Road.

While the loan still requires final federal approval, it would directly benefit drivers on the toll road. By supplying financing at more favorable interest rates than through private capital markets, less money would need to be generated by tolls to cover long-term costs for the project.

Assuming the process is completed successfully, and with the added $300 million from the Commonwealth of Virginia, the loan will be instrumental in helping the Airports Authority's achieve its goal of holding toll rates constant through 2018.

Since jointly submitting a letter of interest in October 2012 the Metropolitan Washington Airports Authority has worked diligently with our partners in Fairfax and Loudoun counties and the U.S. Department of Transportation to secure a TIFIA loan, leading to today's announcement. We will continue working with our partners to complete the application process over the next several weeks."

For more information about the Dulles Rail Project and the Dulles Toll Road, please visit www.mwaa.com

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[CNJRoss]

The Washington Post, 2/22:

Silver Line rail project apparently set to receive $1.9 billion federal loan

The Silver Line appears on track to receive a federal loan of nearly $1.9 bil­-
lion to help fund the second phase of the rail project, which will include a stop at Dulles International Airport, officials announced Friday.

The Metropolitan Washington Airports Authority and two of its partners in the $5.6 billion rail project, Fairfax and Loudoun counties, have been asked by the Department of Transportation to apply formally for a federal loan — a sign that they are likely to receive the funds they have requested.

Continue.

[CNJRoss]

Fairfax County, VA news release:

Fairfax County to Submit a Formal TIFIA Loan Application to Help Pay for Silver Line Metro

February 24, 2014

News Highlights
• Federal officials invited the county on Feb. 21 to officially apply for loan under Transportation Infrastructure Finance and Innovation Act. This money will help pay for the county's share of the Silver Line Metro.
• If ultimately approved, the county may receive $403 million from the low-interest rate TIFIA loan.
• Interest rates are comparable to a 30-year U.S. Treasury note, and the county will not have to repay the money until five years after the project is completed.

Fairfax County will now begin the process to submit its official application for a federal loan to help pay for the Silver Line, following federal approval last Friday to move forward.

Along with the rail project’s other partners, Fairfax will jointly apply for about $1.9 billion. The money will come from the U.S. Department of Transportation under the Transportation Infrastructure Finance and Innovation Act (TIFIA).

If approved, the county may receive approximately $403 million dollars from the low-interest loan. The remainder will be shared by the other partners—Loudoun County and the Metropolitan Washington Airports Authority, the largest beneficiary from the loan, which may get about $1.2 billion.

The loan application and review process is expected to take a number of months. Each partner must apply separately for the money.

“I am pleased that the USDOT has asked Fairfax County to apply for a TIFIA loan for the Dulles Metrorail Project,” Fairfax County Board of Supervisors Chairman Sharon Bulova said. “Rail to Dulles is one of the most important and valuable transportation infrastructure projects in the United States. TIFIA financing would support the final completion of the project by 2018 by reducing the total cost of financing and keeping toll rates low for commuters.”

Last spring, the Fairfax County Board of Supervisors agreed to back the loan with money from the tax district for the rail line’s second phase and commercial and industrial taxes. As a precondition to apply for the loan, the U.S. DOT had to approve the project’s credit worthiness.

TIFIA loans offer interest rates comparable to a 30-year U.S. Treasury note. Federal rules also allow Fairfax County to defer payments for five years after the project is finished. Because the Silver Line is expected to be completed in 2018, Fairfax could wait to pay until 2023.

The TIFIA loan was an element to the 2011 revised financing deal for the rail project.

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[CNJRoss]

Email from U.S. Senator Mark R. Warner, VA:

The Silver Line project to build MetroRail out to Dulles Airport took a big step forward last week. The U.S. Department of Transportation gave preliminary approval to a long-term, low-interest $2 billion loan to finance the project.

Specifically, the Metropolitan Washington Airports Authority and its partners, Fairfax and Loudoun counties, were encouraged to officially apply for the loan. That is widely viewed as a very promising sign they are likely to receive the funds. And, for Dulles Toll Road commuters, this $2 billion federal commitment to the $5.6 billion project means tolls are expected to remain at current levels until at least 2018, rather than seeing significant increases over that period as some original estimates had shown.

In 2010, Senator Warner, right, and Congressman Gerry Connolly, left, visited the construction site of the Tyson's Corner Metro tunnel. The tunnel will eventually connect two of four Metro stations being built in Tyson’s Corner as part of the Rail to Dulles project.

A lot of us have worked really hard over many years to keep Dulles rail on track. Congressmen Frank Wolf and Jim Moran, in particular, have done much to protect this infrastructure project. Tim Kaine and I both worked on Dulles rail when we served as governors, and Rep. Gerry Connolly’s involvement stretches back to his service as Fairfax Board chair. All of us in the Northern Virginia Congressional delegation have spoken with a unified voice in urging USDOT to do its part to make this loan work in order to make Rail to Dulles a reality while minimizing the financial impact on users of the Dulles Toll Road.

Rail to Dulles could be the most significant public infrastructure project in Virginia in decades, and its completion will help reduce traffic congestion while opening the door to further economic development in the region. Last week’s preliminary approval was a significant step forward, and I wanted to make sure you were aware of this good news.

Regards,

Mark R. Warner

[CNJRoss]

MWAA news release, 8/20:

Airports Authority Statement Regarding
TIFIA Loan Closing

Below is a statement from the Metropolitan Washington Airports Authority regarding Wednesday's closing on a low-interest U.S. Department of Transportation 'Transportation Infrastructure Finance and Innovation Act' (TIFIA) loan for the portion of Dulles Corridor Metrorail Project funded by revenue from the Dulles Toll Road.

The Airports Authority applied for the TIFIA loan in conjunction with its local partners on the Metrorail Project, Fairfax County and Loudoun County, which are finalizing their segments of the loan.

"The finalization of this portion of the federal low-interest TIFIA loan for the Dulles Corridor Metrorail Project is the culmination of a months long team effort and represents $1.28 billion of support for users of the Dulles Toll Road, whose toll payments help fund construction of the Silver Line extension of the Washington region's Metrorail public transit system.

"The Airports Authority 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. Thanks to the favorable interest rates the loan provides, as well as the financial commitment from the Commonwealth of Virginia, the Airports Authority will be able to hold tolls at current levels through 2018 and limit futuretoll increases.

"We appreciate the support and dedication of Northern Virginia's congressional delegation, legislators and officials in Richmond and the numerous localelected, business and communityleaders, all of whom have helped make this day possible. 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.

"The Airports Authority will continue to work closely with all our partners to find additional opportunities to minimize future tolls."

In May the U.S. Department of Transportation approved a combined $1.875 billion TIFIA loan for the Airports Authority, Fairfax County and Loudoun County for the Silver Line project. While the closing on the Airports Authority's $1.28 billion portion of the TIFIA loan has been finalized, Fairfax County and Loudoun County will have additional individual closings on their previously approved portions of the loan later this fall. The Airports Authority will be able to begin drawing on its portion of the loan once all closings are final.

The Metropolitan Washington Airports Authority, established in 1987 by the governments of Virginia and the District of Columbia, manages and operates Ronald Reagan Washington National and Washington Dulles International airports, which together serve more than 40 million passengers a year. The Airports Authority also operates and maintains the Dulles Airport Access Road and the Dulles Toll Road and manages construction of the Silver Line project, a 23-mile extension of the Washington region's Metrorail system into Loudoun County, Va. No tax dollars are used to operate the toll road, which is funded by toll revenues, or the airports, which are funded through aircraft landing fees, rents and revenues from concessions. The Silver Line construction is funded by a combination of toll-road revenues, airport contributions and federal, state and local government appropriations. The Airports Authority is led by a 17-member board of directors, appointed by the governors of Virginia, Maryland, the mayor of Washington, D.C., and the president of the United States, and generates more than 387,000 jobs and 4.5 percent of GDP in the National Capital Region.

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[KevinKorell]

Progressive Railroading, 8/22/14:

U.S. Transportation Secretary Anthony Foxx on Wednesday announced the closing of a $1.28 billion federal loan to the Metropolitan Washington Airports Authority for the second construction phase of the Metrorail Silver Line extension in Washington, D.C.

Read

[CNJRoss]

Fairfax County, VA news release:

 

Fairfax Authorizes Federal Loan Agreement

for Silver Line Phase 2 Financing

 

Dec. 2, 2014

 

News Highlights

• Federal, low-interest loan will cover about 45 percent of the county’s total estimated $915 million share for the Silver Line.
• The loan will help keep the Silver Line's second phase on target for completion in 2018 and reduce costs for Dulles Toll Road drivers.
• The county will repay the loan using money from the Dulles Rail Phase 2 Transportation Improvement District and Commercial and Industrial taxes.

 

Fairfax County formally agreed to the terms for a $403 million, low-interest federal loan to help pay for the construction of the Silver Line’s second phase.

The Fairfax County Board of Supervisors took this action today as a needed step before the county officially signs the loan documents on Dec. 16-17, 2014.

 

The loan will cover about 45 percent of the county’s total estimated $915 million share for building the new rail line. It offers a competitive interest rate and flexible repayment terms. The county may defer payments for five years after the project is finished. Because the Silver Line is expected to be completed in 2018, the county anticipates making payments starting in 2023.

 

 “With Phase 1 on track to meet or even exceed ridership projections, I am very pleased to have approved low-interest federal financing for Phase 2,” said

Fairfax County Board of Supervisors Chairman Sharon Bulova. “The funds made available through the TIFIA loan keep the project on target for completion in 2018 and reduce costs for toll road users and taxpayers. The Silver Line is vital to the economic growth of Fairfax County, the region and the Commonwealth, and I am proud of the work we’ve done to make it a reality.”

 

Fairfax plans to use two county sources to repay the loan—money from the Dulles Rail Phase 2 Transportation Improvement District  and Commercial and Industrial Tax Fund . The county will apply $218.2 million from this voluntary tax district and $185.1 million in commercial and industrial taxes.

 

The loan comes from the U.S. Department of Transportation under the Transportation Infrastructure Finance and Innovation Act (TIFIA). This federal money was key to the 2011 financing deal to build the new rail line’s second leg. The DOT agreed to lend almost $1.9 billion in total to Fairfax County and the project’s two other partners, the Metropolitan Washington Airports Authority and Loudoun County.

 

MWAA is the biggest beneficiary from the federal loan. They received $1.28 billion, or about 69 percent of the federal dollars, during their TIFIA loan closing in August. Fairfax will receive about 21 percent of the TIFIA dollars.

 

Under the 2011 funding agreement for Phase 2, Fairfax County agreed to use its best efforts to find money to build the parking garages at the Herndon and Innovation Center Metrorail stations. The county plans to construct these two garages that it will own and operate. They will be largely paid for through revenue bonds that will be repaid with parking fees at the two facilities. The Board of Supervisors approved a future bond sale at their Nov. 18, 2014, meeting, and officials expect the bonds may be sold in winter 2016.

 

The estimated total cost for the entire Silver Line rail project comes in at $5.6 billion dollars. The project’s partners agreed to split total costs as follows: 16.1 percent by Fairfax County; 4.8 percent by Loudoun County; 4.1 percent by the Metropolitan Washington Airports Authority; and 75 percent (less any federal and state funding) by Dulles Toll Road revenues.

 

Of the county’s estimated $915 million share for the new rail line, $730 million—or approximately 80 percent—will be paid for by two voluntary, special tax districts created by landowners. They are the Dulles Rail Phase 1 Transportation Improvement District and Dulles Rail Phase 2 Transportation Improvement District.

 

The Silver Line’s first five stations opened in July 2013, running from Tysons to Wiehle Avenue in Reston. The line’s second phase runs from Wiehle Avenue in Fairfax County to Route 772 in Loudoun County.

 

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[CNJRoss]

Fairfax County news release:

 

Fairfax Gets Second Lowest Interest Rate Ever for Federal Loan

for Silver Line Phase 2 Financing

 

Dec. 18, 2014

News Highlights

• Fairfax received the second lowest interest rate in the history of the federal TIFIA loan program—a 2.73 percent interest rate.
• The county also earned the lowest rate among all the Silver Line's funding partners.
• The loan will help keep the Silver Line's second phase on target for completion in 2018 and reduce costs for Dulles Toll Road drivers.

 

Fairfax County officially closed on its $403 million, low-interest federal loan yesterday that will help pay for the construction of the Silver Line’s second phase. The county received the second lowest interest rate in the history of the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan program—a 2.73 percent rate.

Only the state of Maryland received a lower rate for it's Intercounty Connector in 2009 during the height of the nation's recent recession. The U.S. Department of Transportation's approved a 2.56 percent interest rate through their TIFIA loan program.

 

Fairfax also earned the lowest rate among all of the new rail line's partners. By comparison, the Metropolitan Washington Airports Authority closed on their $1.3 billion loan at a 3.20 percent interest rate in August, and Loudoun County closed on their $195 million loan at a 2.87 percent rate on December 9.

 

The loan will cover about 45 percent of the county’s total estimated $915 million share for building the new rail line. It offers a competitive interest rate and flexible repayment terms. The county may defer payments for five years after the project is finished. Because the Silver Line is expected to be completed in 2018, the county anticipates making payments starting in 2023.

 

 “With Phase 1 on track to meet or even exceed ridership projections, I am very pleased to have approved low-interest federal financing for Phase 2,” said Fairfax County Board of Supervisors Chairman Sharon Bulova. “The funds made available through the TIFIA loan keep the project on target for completion in 2018 and reduce costs for toll road users and taxpayers. The Silver Line is vital to the economic growth of Fairfax County, the region and the Commonwealth, and I am proud of the work we’ve done to make it a reality.”

 

Fairfax plans to use two county sources to repay the loan—money from the Dulles Rail Phase 2 Transportation Improvement District  and Commercial and Industrial Tax Fund . The county will apply $218.2 million from this voluntary tax district and $185.1 million in commercial and industrial taxes.

 

The TIFIA loan was key to the 2011 financing deal to build the new rail line’s second leg. The DOT agreed to lend almost $1.9 billion in total to Fairfax County and the project’s two other partners, the Metropolitan Washington Airports Authority and Loudoun County.

 

Under the 2011 deal, Fairfax County agreed to use its best efforts to find money to build the parking garages at the Herndon and Innovation Center Metrorail stations. The county plans to construct these two garages that it will own and operate. They will be largely paid for through revenue bonds that will be repaid with parking fees at the two facilities. The Board of Supervisors approved a future bond sale at their Nov. 18, 2014, meeting, and officials expect the bonds may be sold in winter 2016.

 

The estimated total cost for the entire Silver Line rail project comes in at $5.6 billion dollars. The project’s partners agreed to split total costs as follows: 16.1 percent by Fairfax County; 4.8 percent by Loudoun County; 4.1 percent by the Metropolitan Washington Airports Authority; and 75 percent (less any federal and state funding) by Dulles Toll Road revenues.

 

Of the county’s entire estimated $915 million share for the new rail line, $730 million—or approximately 80 percent—will be paid for by two voluntary, special tax districts created by landowners. They are the Dulles Rail Phase 1 Transportation Improvement District and Dulles Rail Phase 2 Transportation Improvement District.

 

The Silver Line’s first five stations opened in July 2013, running from Tysons to Wiehle Avenue in Reston. The line’s second phase runs from Wiehle Avenue in Fairfax County to Route 772 in Loudoun County.

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[KevinKorell]

Progressive Railroading, 12/22/14:

 

 

Virginia counties obtain TIFIA loans for Silver Line extension

 

 

U.S. Transportation Secretary Anthony Foxx last week announced the closing of a $403 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for Fairfax County and a $195 million TIFIA loan for Loudoun County to fund construction of Phase Two of the Metrorail Silver Line extension.

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