The Metropolitan Washington Airports Authority (Airports Authority) operates Washington Dulles International Airport and Ronald Reagan Washington National Airport. Pursuant to agreements with the Virginia Department of Transportation (VDOT), it has additionally assumed responsibility for operating and maintaining the Dulles Toll Road, an eight lane limited access highway approximately 13.4 miles in length that extends from I-495 in Fairfax County, Virginia, to Route 28 in Loudoun County, Virginia. The Dulles Toll Road operates as a major commuter route for the Washington metropolitan region, provides direct access to and from Tysons Corner (Virginia's largest office market and one of the leading business centers in the nation), and serves Dulles International Airport. This project highlights administrative and financial policies that were developed by the Airports Authority as part of its Dulles Corridor Enterprise initiative, a program designed to ensure completion of the Dulles Metrorail Project and other transportation improvements within the Dulles Corridor by leveraging Dulles Toll Road revenues and other federal, state and local resources. The Dulles Metrorail Project is a 23.1-mile extension of the Washington Metropolitan Area Transit Authority's Metrorail system from Fairfax County, Virginia, to Dulles International Airport, and beyond the airport to Route 772 in eastern Loudoun County, Virginia. The success of the Dulles Corridor Enterprise initiative illustrates the important leadership role that toll agencies can play in addressing regional mobility needs and promoting multi-modal transportation solutions. The Airports Authority had to meet several challenges, including negotiating a permit and operating agreement with VDOT that establishes the rights and obligations of the Airports Authority with regard to the operation and maintenance of the Dulles Toll Road over a 50-year period. The Airports Authority developed and executed short-term and long-term strategies for managing Dulles Toll Road operations, implemented its regulatory process for soliciting public comment on the toll increases required to support the plan of finance for the Dulles Metrorail Project, and successfully accessed the debt capital markets by creating a new revenue bond credit secured solely by Dulles Toll Road revenues. The inaugural bond sale was awarded the Bond Buyer's 2009 Deal of the Year, and the Airports Authority has also been recognized for its Dulles Corridor initiative by the Government Finance Officers Association.
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