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 Finance 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.”