DART refinances the Silver Line construction loan
The U.S. Bureau of Transportation Build America has provided a $ 908 million loan for the Dallas Area Rapid Transit (DART) Silver Line Regional Railroad Project, as part of the Rehabilitation and Improvement Funding Program of the railways (RRIF).
It will refinance the original loan granted in December 2018. The proceeds will cover part of the construction costs of the $ 1.2 billion project: a 26-mile double-track commuter train line stretching from the international airport of Dallas-Fort Worth east to Shiloh Road in Plano, Texas. The move is expected to save DART $ 190 million in interest charges, and those savings could be used to fill a funding gap for other projects in the future.
According to the USDOT, it received “interest from existing borrowers to refinance their loans to mitigate the loss of income from the pandemic and take advantage of low interest rates.”
“The ministry’s support is helping DART realize this ambitious project, which will expand service across the DART service area from the eastern outskirts to the northern suburbs and includes several infrastructure additions such as hiking and biking trails. , separate level enhancements and dual tracking across the segment, ”said David Leininger, Interim President and CEO of DART. “The ten platforms will also stimulate development focused on public transport in a large part of the region. Reducing interest charges on the loan will also play a crucial role in restoring DART’s long-term capital development capacity, which has been affected by the COVID-19 pandemic. “
DART plans to launch the Silver Line paid service by March 2023. As of 2018, all key project contracts have been awarded, project design has advanced and construction is underway. (See Age of the railway sister post Railroad track and structure“Construction of the DART Silver line continues with the Josey Lane Bridge in Carrollton. “)