DULLES INTERNATIONAL AIRPORT (WUSA9) -- A $1.28 Billion loan was finalized to enter the next phase of the Silver Line construction to Dulles, officials said in a news release.
It's part of the next step of the 'Transportation Infrastructure Finance and Innovation Act,' (TIFIA) where the federal loan and funds from the Dulles Toll Road combined, will pay for the Silver Line to get to the airport.
"The finalization of this portion of the federal low-interest TIFIA loan for the Dulles Corridor Metrorail Project is the culmination of a months long team effort and represents $1.28 billion of support for users of the Dulles Toll Road, whose toll payments help fund construction of the Silver Line extension of the Washington region's Metrorail public transit system," officials said in a news release.
In May the U.S. Department of Transportation approved a combined $1.875 billion TIFIA loan for the Airports Authority, Fairfax County and Loudoun County for the Silver Line project, officials said.
"While the closing on the Airports Authority's $1.28 billion portion of the TIFIA loan has been finalized, Fairfax County and Loudoun County will have additional individual closings on their previously approved portions of the loan later this fall," officials said in a news release.
The Airports Authority will be able to begin drawing on its portion of the loan once all closings are final.