Guide to Value Capture Financing for Public Transportation Projects (2016) / Chapter Skim
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Pages 88-96
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This case study focuses in particular on the contribution of the first of Fairfax County's two Transportation Improvement Districts (Phase 1 TID) , which produced the majority of the value capture funding.
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Sources of Capital/Funds Phase 1 Phase 2 Rail Project Budget Total % of Total TIFIA Loan Federal $900 – $9001 15.8% Commonwealth of Virginia $252 $323 $5751 10.1% Fairfax County $400 $515 $915 16.1%2 $403 Loudoun County – $273 $273 4.8%2 $195 MWAA (aviation funds) – $233 $233 4.1%2 – MWAA (Dulles Toll Road)
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From page 90... ...
• Phase 2: $515 million would come from the following future sources: – $330 million from the Phase 2 tax district, and – $185 million supported by proceeds from the TIFIA loan that will be repaid using the county's commercial and industrial real estate tax and regional funds from the Northern Virginia Transportation Authority (NVTA) (Fairfax County, 2016b)
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Many of these changes are expected to benefit landowners affected by the TID special assessments.
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MWAA Airport authority overseeing project construction. Fairfax County, Loudoun County Local governments that established special districts for value capture.
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Table 24. Dulles Metrorail timeline, focusing on value capture.
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There is, however, no legal obligation to Source: Fairfax County Economic Development Authority, 2016. Figure 34.
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. VII Business Case As shown in Table 21, special tax revenues collected by the Phase 1 TID have grown steadily from 2011 onward, reflecting strong asset valuations as well as a slight decrease in tax rate from $0.22 in 2012 to $0.19 in 2016 (Fairfax County Economic Development Authority, 2016)
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From page 96... ...
• Phasing flexibility: The project and the value capture effort underwent several phases, including splitting the project into two phases and dividing the Fairfax County TID in two. The project and the value capture participants nimbly responded to these changes.
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