LOUDOUN COUNTY, November 20, 2013 — As the Metro’s new Silver Line slowly winds its way into Loudoun County that county’s officials need to begin making important decisions about how to finance the project.
The Loudoun County Board of Supervisors needs to make a decision on whether or not they want to federal loan through the Transportation Infrastructure Finance and Innovation Act. The loan would help to put off most of the cost until after construction is completed, but also comes with a few strings attached.
By accepting the federal loan, Loudoun County would have to commit to the construction of parking garages at both of the Silver Line’s Ashburn stations. Cost for all of Loudoun County’s Metro expenses without any planned parking garages currently stands between $260 million and $270 million, as well as a $10 million to $20 million annual operational cost. The TIFIA loan would cover $200 million.
While these deferrals would allow for the county to collect revenues from Metrorail Service Tax Districts before having to pay for the system, the terms would also increase the total cost by way of the associated parking complexes that would need to be planned.
Click here for reuse options!
Copyright 2013 Communities Digital News
This article is the copyrighted property of the writer and Communities Digital News, LLC. Written permission must be obtained before reprint in online or print media. REPRINTING CONTENT WITHOUT PERMISSION AND/OR PAYMENT IS THEFT AND PUNISHABLE BY LAW.
Correspondingly, Communities Digital News, LLC uses its best efforts to operate in accordance with the Fair Use Doctrine under US Copyright Law and always tries to provide proper attribution. If you have reason to believe that any written material or image has been innocently infringed, please bring it to the immediate attention of CDN via the e-mail address or phone number listed on the Contact page so that it can be resolved expeditiously.