City of Alexandria, Virginia
________________
MEMORANDUM
DATE: FEBRUARY 17, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Loan Application Through the Federal Transportation Infrastructure Finance and Innovation Act (TIFIA) Program to Partially Fund the Potomac Yard Metrorail Station.
BODY
_________________________________________________________________
ISSUE: Opportunity for low cost and flexible loan financing through the federal TIFIA program to partially fund the Potomac Yard Metrorail Station.
RECOMMENDATION: That the City Council authorize the City Manager to submit a Letter of Interest and if successful apply for credit assistance to the U.S. Department of Transportation (USDOT) for a loan of approximately $88 million through the Transportation Infrastructure Finance and Innovation Act (TIFIA) program to assist in partially funding the construction of the Potomac Yard Metrorail Station.
BACKGROUND: TIFIA is similar to the Virginia Transportation Infrastructure Bank (VTIB), although TIFIA is a federal government program. The City was awarded a $50 million VTIB loan by the Commonwealth Transportation Board for the Potomac Yard Metrorail Station in 2015. Similarly, the TIFIA program provides credit assistance for projects of regional and national significance. Its goal is to leverage federal financial aid by providing credit assistance rather than grants. TIFIA credit assistance has been used for multiple transportation projects in the region, including Phases I and II of the Metrorail Silver Line, the I-495 High Occupancy Toll (HOT) Lanes, the I-95 HOV/HOT Lanes, and the Maryland Intercounty Connector.
The Potomac Yard Metrorail Station is a key transit project identified in the City's 2008 Transportation Master Plan, the 1999 South Potomac Yard / Potomac Greens Small Area Plan, and the 2010 North Potomac Yard Small Area Plan, ...
Click here for full text