The loan will help fund the construction of the 26-mile double track commuter rail line between Dallas Fort Worth International Airport and Shiloh Road in Plano, Texas. The Silver Line will connect to three existing DART lines, have ten stations and run through three counties and seven cities.
DART’s Interim President and CEO, David Leininger, said the reduced interest rates and the resulting cost savings would “play a crucial part in restoring DART’s long-term capital development capacity, which was affected by the COVID-19 pandemic”.
Since December 2018 DART has made good progress on the project design and construction. All of the project’s key contracts have been awarded. DART hopes to open the Silver Line to passengers in March 2023.
The Build America Bureau was established under the Obama Administration and has to date issued 7.1 billion USD in financing through its RRIF credit programme to support rail projects across the United States.