LEESBURG, Va., Feb. 21 -- Loudoun County issued the following news release:
Loudoun County is pleased to announce that it has been formally invited to apply for credit assistance through the Transportation Infrastructure Finance and Innovation Act (TIFIA) program for Loudoun's portion of the Dulles Corridor Metrorail Project. Loudoun is applying for a $200 million dollar, low-interest-loan to help finance the extension of Metro'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 invited to apply for TIFIA assistance.
"This is great news for our taxpayers and commuters," 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.
Chairman York praised Loudoun County staff for their work leading up to the formal TIFIA invitation to apply for TIFIA financing. 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 www.loudoun.gov/dullesrail.
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