December 18, 2014

Warner, Kaine, Connolly Applaud Closing On Final TIFIA Loans For Silver Line Construction

WASHINGTON – Members of Virginia’s congressional delegation applauded news that U.S. Transportation Secretary Anthony Foxx has closed on the final two low-interest loans to fund construction of Phase Two of the Metrorail Silver Line extension to Dulles Airport and Loudoun County. 

Senators Mark Warner and Tim Kaine, Congressman Gerry Connolly, and retiring Congressmen Jim Moran and Frank Wolf worked for months with Secretary Foxx and his predecessor Ray LaHood to secure a total of $1.9 billion in loans for the project.   The Silver Line funding is the largest loan for a single project in the TIFIA program’s history.  

Thursday afternoon, DOT closed on a $403 million TIFIA loan for Fairfax County and a $195 million TIFIA loan for Loudoun County to fund Phase Two construction.  In August, DOT closed on the initial $1.28 billion TIFIA loan to the Metropolitan Washington Airports Authority (MWAA).

“The first phase of the Silver Line has been an overwhelming success, and we look forward to ensuring the second half is just as successful,” Secretary Foxx said.

“Today marks another significant milestone for Rail to Dulles as we finalize a very complex financing package for the project,” said Senator Warner. “I congratulate all of our partners on this successful step.  Now we can shift our focus to completing construction as soon, as efficiently and as safely as possible.”

“I applaud this final financing step for Phase Two of the Silver Line,” Senator Kaine said.  “This project will boost the vitality of Dulles International Airport and improve daily life for thousands of commuters along the Dulles corridor.”

"Phase One, connecting Tysons and Reston, has already created new commuting, employment, housing, and entertainment options for residents across the National Capital Region,” said Congressman Connolly.  “The TIFIA loans will lower the overall cost of constructing the Silver Line and help keep tolls in check for commuters in the Dulles Corridor."

The Virginia lawmakers also recognized the collaboration of Fairfax County Board of Supervisors Chairman Sharon Bulova and other Virginia officials in the complex TIFIA financing process.

The Silver Line is one of the largest construction projects in the nation.  Phase One, extending Metrorail through Tysons to Reston, is already exceeding projections.  Phase Two will add 11.4 miles from Reston through Herndon to Dulles and Loudoun.

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