U.S. Department of Transportation (DOT) officials said a $908 million Railroad Rehabilitation and Improvement Financing (RRIF) loan would aid Dallas Area Rapid Transit’s (DART) Silver Line Regional Rail Project.
The funding allotment via the Build America Bureau serves as the first RRIF loan to close under the Biden administration, addressing refinancing of the RRIF loan provided to DART for the same project by the Bureau in December 2018.
“The Biden-Harris Administration is committed to investing in clean transportation while improving access to good-paying jobs, and this loan is the latest example of that,” Transportation Secretary Pete Buttigieg said. “There’s no question that transit access to the rapidly growing Dallas suburbs needs to be expanded, and ensuring the new stations are accessible by walking, biking and wheelchairs will provide more options for residents and make it easier for people to choose more affordable and sustainable ways to get around. It is prudent to take advantage of historically low-interest rates to help DART refinance this loan at a time when they, like many transit agencies around the country, continue to deal with the impacts of COVID-19.”
Due to the COVID-19 pandemic, the DOT received interest from existing borrowers to refinance loans to help mitigate pandemic-related revenue loss and take advantage of lower interest rates.
“The Department’s assistance helps DART deliver this ambitious project, which will extend service across the DART service area from the eastern edge across the northern suburbs and includes several infrastructure additions such as hike and bike trails, separated grade improvements, and full double-tracking across the entire segment,” David Leininger, interim president and Chief Executive Officer of DART, said. “The 10 platforms will also stimulate transit-oriented development across a broad swath of the region.”