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Dulles Metrorail Silver Line: Status Report & Transportation Infrastructure Finance and Innovation Act (TIFIA) Funding Update

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Dulles Metrorail Silver Line: Status Report & Transportation Infrastructure Finance and Innovation Act (TIFIA) Funding Update

Transportation Committee
May 7, 2013

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Dulles Metrorail Silver Line: Status Report & Transportation Infrastructure Finance and Innovation Act (TIFIA) Funding Update

  1. 1. Dulles Metrorail Silver Line:Status Report &Transportation InfrastructureFinance and Innovation Act(TIFIA) Funding UpdateTransportation CommitteeFairfax County Board of SupervisorsMay 7, 2013
  2. 2. Presentation Outline• Phase 1 Status Report• Phase 2 Status Report• Transportation Infrastructure Finance andInnovation Act (TIFIA) Funding Update• Recommendation of Preliminary TIFIAAllocation• Requirements from Funding Partners• Phase 1 Plan of Finance – Closeout• Staff Recommendations• Timeline2
  3. 3. Phase 1 – Status Report (asofApril24,2013)Status• Construction: 90% Complete• Final Design: 100% Complete• Utility Relocation: 100% Complete• Property Acquisition: All rights of entry obtained• Track Work: 100% Complete• Stations:• McLean – 80%• Tysons Corner – 75%• Greensboro – 65%• Spring Hill – 65%• Wiehle – 84%• First Delivery of Rail Cars – February 2014• Wiehle Garage: 88% Complete• Garage Substantial Completions: July 19, 2013• Roadway Improvements (ROD): 67% complete• August/September 2013 completionBudget• Revised Budget Authorized: $2.905B• Expended to Date: $2.2B• County Phase 1 share: $467.8M• Tax District Funds: $400M (Funding Gap =$67.8M)• Fairfax County share of Project expenditures throughfourth quarter 2012 = $369.1M• $150M received from CommonwealthSchedule• Substantial Completion: September 7, 2013• WMATA Testing and Acceptance: August – December2013• West Falls Church Yard Completion: December 2013• Sound Box and Tail Track: November 2013• Estimated Passenger Revenue Service: December 31,2013Current Milestones – Past 30 Days• Entire 3rd Rail energized for Metrorail train testing.• Tunnel Clearance – No issues per WMATA• All five stations under construction with efforts onmechanical, electrical, plumbing, and station finishes• Phase 1 Maintenance and Land Conveyance processongoing:• Fairfax County will retain ownership of Kissand Ride at McLean• Fairfax County will operate through aneasement Kiss and Ride at Spring Hill Station• Regional planning effort underway for Phase 1 busservice (Fairfax Connector, WMATA, Washington Flyer,PRTC, Loudoun Transit)• Fairfax County 2nd round of Public Meetingsongoing• Ask Fairfax online chat completed3
  4. 4. Phase 2 – Status Report (asofApril24,2013)Status• Packet A Price Proposals Opened – April 19, 2013• Project estimate Packet A = $1.4B - $1.6B vs. $1.177Blow bid• Positive impact on toll rates = $300M (est.)• Packet A Contract Award: May 2013• Packet A Notice to Proceed: June 2013• 5 Bid Packages:• Packet A - Rail Line, Station, and Systems(includes Innovation Center Station)• Packet B – Yard and Shop• Packet C (may not be issued) – ParkingGarages• Packet D – ROW• Packet E – Utilities• Fairfax County working to fund & construct Herndonand Innovation Center garages outside of project• Financial Plan status:• Transportation Sub Committee May 7, 2013• BOS May 14, 2013Innovation Center (RT 28) Station• Station included in Packet A bid.• County using its best efforts to mitigatesome station costs on south side. (ROW,alternative site work funding, andimproved site layout for: garage, busbay, and kiss/ride design. )• Station cost will have to be funding either inpart or whole per the funding agreement(County funding agreement share 16.1%).• County also pursuing funding from TIGERGrants and NVTABudget• Cost Estimate: $3.093B• Cost Estimate with value engineering andalternative funding for garages & InnovationCenter Station: $2.7B• Cost to build garages in Fairfax County: $105Mest.• Fairfax County share for Phase 2 ranges from$433M – $498M, Tax District capped at $330MSchedule• Substantial Completion: Summer 2018• Revenue Operations: Late 2018Current Milestones Past 30 Days• FTA oversight of Phase 2 under discussion:Ongoing• TIFIA Letter of Interest submitted: Ongoing• WMATA Art in Transit: Selection: Ongoing• Reston Town Center Tunnel Design under reviewby WMATA and MWAA4
  5. 5. Request Board Approval ofStaff Recommendations• Approve the Preliminary TIFIA Allocation of $1.9bamongst the Funding Partners, with County to receive$475m• Approve the County Credit Pledge of the C & I Fund andthe Phase 2 Tax District to TIFIA; Potential use of MoralObligation from General Fund to meet AA CategoryRating mandated from USDOT• Request Credit Ratings from the bond rating agencies tocomply with TIFIA Credit Review ($90,000)• Approve the $100,000 down payment required from theCounty to move forward in the TIFIA Letter of Interest(LOI) review process• Review short term financing options to cover the $67mfor balance of County contributions for Phase 1. This willbe paid off with receipt of TIFIA funds5
  6. 6. Transportation InfrastructureFinance and Innovation Act(TIFIA) Status Update -Recommendation of PreliminaryTIFIA Allocation6
  7. 7. TIFIA Financing Overview• Federal credit assistance in the form of direct loans(not grants) to finance surface transportation projectsof national and regional significance• USDOT Secretary LaHood departing & acceleratedturnaround time for documents• Improved access to capital markets, flexiblerepayment terms, and potentially more favorableinterest rates than can be found in private capitalmarkets for similar instruments• Loan Repayment Deferral Option - 5 years afterproject completion (2023)• Alternatively – conduct open market bond sale & debtservice payments immediately7
  8. 8. Silver Line Cost Allocation –Funding PartnersFundingPartner% Share TPE -Baseline$ Share TPE -BaselineOther –GaragesFunding PartnerTotal(TPE Baseline +Garages)Dulles Toll Road* 75% $4,262,763,750 - $4,262,763,750Fairfax 16.1% 915,073,285 146,721,000 1,061,794,285Loudoun 4.8% 272,816,880 168,413,000 441,229,880MWAA –Aviation Funds 4.1% 233,031,085 - 233,031,085Total 100.00% $5,683,685,000 $315,134,000 $5,998,819,000* Includes $900m from FTA New Starts (16.1%), $275m from Commonwealth (4.9%). Net toDulles Toll Road is 54%. Allocation assumes the add’l $150m + $300m for Phase 2 will be used topay interest on Dulles Toll Road Revenue Bonds, not direct project costs.8
  9. 9. Silver Line Total Project Estimate -Fairfax County Costs 16.1%Phase 1 Phase 2 TotalTotal Baseline $2,905,685,000 $2,778,000,000 $5,683,685,000County Share @ 16.1% 467,815,285 447,258,000 915,073,285Less Tax Districts (400,000,000) (330,000,000) (730,000,000)Net County due $67,815,285 $117,258,000 $185,073,285GaragesHerndon-Monroe $80,959,000* $80,959,000Route 28 65,762,000* 65,762,000Total Garages $146,721,000 $146,721,000TOTAL (Baseline + Garages) $467,815,285 $593,979,000 $1,061,794,285*Per 100% P/E and consistent with MWAA documents; County believes costs will be lower and in the process ofa feasibility study9
  10. 10. TIFIA Allocation:Funding Partner ConsensusFunding PartnerFunding PartnerTotal Project CostTIFIAAllocationFairfax $1,061,794,285 $475,000,000Loudoun 441,229,880 200,000,000MWAA – Aviation Funds 233,031,085 -Dulles Toll Road 4,262,763,750 1,304,610,270Total $5,998,819,000 $1,979,610,270• Meets MWAA goal of $1.2-$1.4b for the Toll Road• Counties maintain equity of TIFIA allocation equal to45% Total Project Cost• December 2012 – Per USDOT Project Will RemainEligible for 33% TIFIA Loan or $1.9b ($5.9b * 33%)10
  11. 11. TIFIA Premium ProjectionsA B C D E (C * D)FundingPartnerUSDOTRequestedMinimumCredit RatingAnticipatedTIFIA PremiumTIFIAAllocation*USDOT PremiumSubsidyAllocationFairfax AA Category 2% $475,000,000 $9,500,000Loudoun AA Category 2% 200,000,000 4,000,000Dulles Toll RoadInvestment Grade(BBB Category) 12% 1,304,610,270 156,553,232Total $1,979,610,270 $170,053,232Premium allocation evaluated/ reviewed heavily by TIFIA officewhen awarding project funding* Assumes MWAA Aviation Funds receive no TIFIA Loan11
  12. 12. TIFIA Status Update –Requirements from FundingPartners12
  13. 13. TIFIA Financing• Competitive Interest Rates that correlate to 30-YearTreasury Note• Flexible call options - prepay outstanding principal• Potential future refunding opportunities• USDOT Expected Ratings from Funding Partners• AA Category Rating from Counties• Investment Grade from Dulles Toll Road (MWAA)• Pledge two County sources for Plan of Finance• Commercial and Industrial Tax Fund• Dulles Rail Phase 2 Tax District ($330 million)• May be required to include Moral Obligation of theCounty General Fund if AA Category Rating is notachieved13
  14. 14. USDOT Information Request –April 2013• Complete County Plan of Finance for TIFIA• Commercial and Industrial Tax Fund• Dulles Rail Phase 2 Tax District ($330 million)• Indicative Rating Letter on the TIFIA Loan• USDOT EXPECTS Counties to achieve rating in the AA Category• Initial review from the Credit Rating Agencies ($90,000)• Feasibility Study for Each Source of Credit Pledged• MWAA Toll Road Study• Counties expected to submit standard information: taxassessment, economic, and demographic information• Credit Processing Down Payment of $100,000 from eachfunding partner14
  15. 15. County Plan of Finance for TIFIA -Commercial & Industrial Tax Fund• Tax Rate of 12.5 cents per $100 of AV & generatesapproximately $51m revenue annually• Previously recommended to finance County project costsoutside of the two tax districts: Phase 1 ($67.8m) & Phase2 ($117.3m)• Planning Guideline for Long Term Forecasting:• 50% of expenses for Tysons / Silver Line• 50% of expenses for Remainder Countywide Projects• Loan Repayment Deferral Option - 5 years after projectcompletion (2023)• Redirect previously forecasted monies required for debtservice to fund other Countywide projects (equates toapproximately $70m total from 2014-2023)15
  16. 16. County Plan of Finance for TIFIA -Phase 2 Tax District $330 million• Estimated stand alone current rating of this district likely “A”Category, thus enhancement necessary• Comparative Assessed Value 1/1/13: Phase 1 $11.4b vs. Phase 2 $7.5b• Allow for growth district tax base / assessed value, similar to Phase1 Tax District• Phase 2 Tax Rate – 20 cents for FY 2014• Initially began at 5 Cents in FY 2011, with 5 cent laddered increases• Remain at this rate until rail service begins 2018, then ability to increase to25 cents per Petition• Accumulation of tax collections to provide for early repayment ofoutstanding principal at regular intervals• Staff recommendation that C & I Fund be used back this Tax Districtfor credit enhancement• General Fund Moral Obligation may be needed to reach AACategory if C & I Fund insufficient16
  17. 17. Financing Dulles Rail - Alternate OptionsPublic Sector Sources Private Sector SourcesState/Federal FundingGeneralFund (PayGo) G.O. Bonds C&I FundsMeals Tax(Pay Go) 100% TIF Capped TIFServiceDistrict /CDADeveloperContributionsCost of Financing /Carrying Cost(Lowest to High)■ ■ ■  ■    ■Length of Time toAccrue Funds(Sooner to Later)  ■      General Fund Impact(Low to High)■  ■ ■ ■   ■ ■Impact onRedevelopment(Low to High) ■ ■  ■ ■ ■  Impact to G.O. Debt(Low to High)■ ■  ■ ■ ■ ■ ■ ■Ability to Meet CapitalRequirements(High to Low)    ■ ■  ■ Requires Third PartyConcurrence(Degree of Difficulty) ■    ■ ■  ■ Low Impact and/or Most Beneficial Medium Impact and/or of Concern High Impact and/or Most Difficult17Other Potential Funding Options: NVTA & Federal TIGER Grants
  18. 18. Fairfax County PortionRemaining Dulles Rail FinancingPhase 1 Phase 2 TotalTotal Project Estimate (TPE) $2,905,685,000 $2,778,000,000 $5,683,685,000County Share @ 16.1% 467,815,285 447,258,000 915,073,285Less Tax Districts (400,000,000*) (330,000,000) (730,000,000)Net County due $67,815,285 $117,258,000 $185,073,285Total County RemainingFinancing Needed$67,815,285 $447,258,000 $515,073,285*paid to date to MWAA 18
  19. 19. Fairfax County CashflowRemaining Dulles Rail FinancingSource Funds Amount Source DebtServiceCommentTIFIA $67.8m C & I Fund Balance Phase 1 costs beyond$400m from Phase 1 Tax District;TIFIA may be used to repay shortterm financing (2013)TIFIA $117.3m C & I Fund Phase 2 costs beyond $330m fromPhase 2 Tax District (2013-2018)TIFIA $289.9m Phase 2Tax District88% of Phase 2 Tax District’s $330m(2013-2018)Total TIFIA $475.0m 45% Total County Project CostPhase 2 TaxDistrict Bond Saleor Cash$40.1m Phase 2Tax DistrictPhase 2 Tax District Bond Sale orCash Contribution (2018)Total RemainingFinancing$515.1m19
  20. 20. County Phase 1 Cost - $467m• Phase 1 Tax District fulfilled $400 million obligation• Establish a plan of finance to cover remaining $67mto close out the County’s Phase 1 contributions• TIFIA Funds are not expected until end of theCalendar Year 2013 at the earliest• County Staff and Financial Advisor review of shortterm financing options to address the $67m:• Use portion of County’s current $100m Line of Credit• Bond Anticipation Note (BAN)• Staff recommendation: Utilize the Line of Credit &then pay off from receipt of TIFIA funds. 20
  21. 21. Recommendations – Consistentwith May 14th Board Item• Approve the Preliminary TIFIA Allocation of $1.9b amongstthe Funding Partners, with County to receive $475m• Approve the County Credit Pledge of the C & I Fund andthe Phase 2 Tax District to TIFIA• Goal to receive AA Category Rating and assumes no MoralObligation• Phase 2 Tax District to utilize $290m of Preliminary TIFIA &seeking Moral Obligation (e.g. Credit Enhancement) from C &I Fund• Request Credit Ratings from the bond rating agencies tocomply with TIFIA Credit Review ($90,000)• Approve the $100,000 down payment required from theCounty to move forward in the TIFIA LOI review process• Review short term financing options to cover the $67m forbalance of County contributions for Phase 1. This will bepaid off with receipt of TIFIA funds21
  22. 22. TimelineDate ItemOctober 2012 MAP-21 Revised TIFIA Loan Notification (33% to 49%)October 2012 Funding Partners Submits LOI USDOT TIFIA (@ 49%)December 2012 TIFIA request to Funding Partners for more informationJanuary 2013 Funding Partners discussion on TIFIA AllocationApril / May 2013 MWAA Awards Phase 2 Design-Build ContractMay 2013 Board Discussion on TIFIA AllocationMay 2013 Discussion with Bond Rating Agencies on County Credit for TIFIAMay 2013 Submit County materials to TIFIASummer 2013 County Interim Financing to cover balance of Phase 1 costsDecember 2013 Targeted Closing on TIFIA Loan for Funding PartnersDecember 2013 Begin Service for Phase 1Spring 2014 Refinance Interim Financing for balance Phase 1 costsDecember 2018 Begin Service for Phase 222
  23. 23. Questions?23