What a $1.9 Billion Loan Could Mean for You
March 6, 2014
Here’s a quick update on what’s happening related to the soaring tolls on the Dulles Toll Road.
First, a little background. The Toll Road is currently managed by the Metropolitan Washington Airports Authority (MWAA). As MWAA began to apply revenue from the road to finance the Dulles Rail project, MWAA started increasing tolls dramatically, rapidly exceeding initial estimates to arrive at the current $7.00 round-trip levels. Unless something changes, these tolls may rise again as soon as 2015.
There’s an effort underway to secure “TIFIA” assistance for MWAA, hopefully in the next six months. TIFIA is short for the Transportation Infrastructure Finance and Innovation Act; essentially, this is an opportunity for MWAA to re-finance some of their borrowing costs for the Dulles Rail project into a loan backed by the federal government at a much lower interest rate. If MWAA secures this TIFIA funding, they will save a lot of money over the long term. I have been asked to give my support to this loan, and have agreed to provide that support.
I, along with other members of the legislature, have asked for (and MWAA has agreed to provide) information detailing what effect the savings resulting from the TIFIA funding will have on toll rates. We need assurance that this loan will actually mean lower tolls, and we need to know how much lower and how long this relief will last.
I put this question to President and CEO of the Metropolitan Washington Airports Authority directly, and I look forward to receiving a timely response. I intend to do everything possible to ensure that Northern Virginians don’t have to pay the outrageous tolls that are now charged for a round trip from Leesburg to the Washington Capital Beltway.
Delegate Dave LaRock