Fairfax County Approves Bond Sale for Silver Line Phase II Parking Garages

Fairfax County has approved a possible $115 million bond sale to help fund the Silver Line’s Herndon and Innovation Center garages.

The Fairfax County board of supervisors approved using bonds to fund the Herndon and Innovation Center metrorail stations at the board’s Nov. 18 meeting. The county has agreed not to sell revenue bonds until it closes on a $403 million loan from the U.S. Department of Transportation issued earlier this year.

“I am pleased that Fairfax County will own and operate these garages and collect revenue from parking,” said Chairman Sharon Bulova. “This financing structure reduces the overall cost of Phase II of the Silver Line by using parking fees, instead of general fund tax dollars.”

Under the approved plan, the Fairfax County Economic Development Authority would issue revenue bonds to fund the $58 million Herndon garage and the $57 million Innovation Center garage. The bonds’ proceeds will then be loaned to the County, which will repay the revenue bonds from parking fees that are expected to generate about $10 million a year.

Under an existing agreement with Metro, Fairfax will set and keep the fees charged at each of the three county-owned Silver Line garages: Wiehle-Reston East, Herdon and Innovation. Those parking fees will also be used to operate and maintain the county-owned garages.

In addition, Metro will transfer to the county a portion of the parking revenue Metro collects at its five garages in Fairfax, plus the East Falls Church and Van Dorn station garages.

Phase II, which is tentatively scheduled to open in 2018, will extend the Silver Line through Reston, Herndon, and Dulles Airport to Route 772/Ashburn in Loudoun County.