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TextDulles Rail Funding Agreement Protects Fairfax County Taxpayers, Toll Road Users
December 7, 2011 - Fairfax County Board Chairman Sharon Bulova today said the revised funding agreement for Phase II of the Dulles Corridor Metrorail Project protects Dulles Toll Road users from unnecessarily high tolls and keeps Fairfax County’s commitment steady.
“This strategy brings the cost of Phase II back down close to the original estimate and goes a long way to ensure this critical transportation project is completed,” Chairman Bulova said. “Dulles Rail remains my top transportation priority and I am glad to approve this strategy.”
The revised funding strategy, agreed to in principle in November and approved by the Board of Supervisors on Tuesday, brings the estimated cost of the project down by nearly $1 billion and keeps Fairfax County’s contribution at the originally agreed upon 16.1 percent. The cost-saving measures included in the project are an aboveground station at the airport, a smaller rail yard, and the purchase of fewer rail cars.
The revised agreement also opens up the project to third party funding through public private partnerships, which Fairfax County will seek out to construct the Route 28 station and two parking garages. Fairfax County will also apply for a federal loan of up to $315 million to defray the costs of the project. The Commonwealth of Virginia has committed $150 million to the project to help keep tolls low on the Dulles Toll Road.
Bulova cautioned that while the revised funding agreement is a positive step, work still remains.
“I will continue to work with County staff, Chairman York in Loudoun, and state officials to ensure all funding partners remain committed to bringing Rail to Dulles. When completed, Northern Virginians will share in the benefits of the largest extension of the Metro system since its creation,” Chairman Bulova said.
For more details on the agreement, read the County’s release at http://www.fairfaxcounty.gov/news/2011/updates/board-approves-dulles-rail-phase-two-funding.htm.
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