ACI LEGAL COMMITTEE MEETING

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1 ACI LEGAL COMMITTEE MEETING MWAA S RAIL TO DULLES PROJECT: WHAT IS IT AND HOW DOES IT FIT WITH THE PRINCIPLES OF REVENUE DIVERSION PHIL SUNDERLAND MWAA GENERAL COUNSEL

2 TWO GOALS FOR THE NEXT TEN MINUTES A. How is MWAA Delivering Rail to Dulles? B. How Does This Delivery Relate to the Principles of Revenue Diversion?

3 How Is Rail Being Delivered To Dulles? 1. MWAA has assumed responsibility to finance and construct 23-mile extension of regional Metrorail system Will take regional rail system to and beyond Dulles Airport, making Dulles accessible by rail to the entire metro region (VA-DC-MD) Will run in median of Dulles Access Highway (part of land leased to MWAA by federal government), with detour through Tysons Corner where will run along state roads Over 90% of rail extension, in cost and distance, is off airport

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5 Approximate cost : $5.2 B Sources of funds Federal (FTA): $900 M Virginia: $275 M Local Counties: $1,100 M MWAA: $215 M For the line and station at Dulles: up to $10 M in airport revenue and remainder in PFCs Gap: $2,700 M this is MWAA s responsibility to finance When completed, will be turned over to WMATA which will be responsible for all O/M and entitled to all revenue

6 2. MWAA has assumed responsibility to operate the Dulles Toll Road for 50 years, including the exclusive right to set and collect tolls Is an established toll road, constructed in 1984 and operated by Virginia until November 2008 when transferred by permit to MWAA (annual 100 M transactions, $70 M revenue) Runs parallel to Dulles Access Highway from Capital Beltway to Dulles Airport and on property leased to MWAA by federal government Will enable MWAA to finance the $2.7 B rail gap, although this is projected to require multiple toll increases during 50-year permit period

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8 3. Use/Lease Agreement has been amended To provide that Toll Road revenues are not airport revenue and are not available to Dulles or Reagan National To provide that airport revenue are not available to the Toll Road or the Metrorail project One exception: $10 M is available for the rail station at Dulles 4. All Toll Road revenues have been released from pledge of Authority revenues under Aviation Master Indenture

9 5. Two Enterprise Funds have been created Aviation Fund Covers all aviation-related activities at Dulles and Reagan National Dulles Corridor Fund Covers all Toll Road and Metrorail-related activities Separate accounting and separate debt issues Significant cost allocation responsibilities lie ahead as Toll Road (still being operated by Virginia) becomes integrated into MWAA

10 How do Revenue Diversion Principles Apply to All of This? 1. Does the revenue from the Dulles Toll Road constitute airport revenue? It should not Entirely off-airport No federal aviation assistance used in acquisition of Toll Road or in its O/M No airport revenue used in Toll Road acquisition or in its O/M

11 2. Will the use of $10 M in airport revenue for the rail station at Dulles be an invalid diversion of airport revenue? It should not be Airlines have agreed to this $10 M contribution This Airport Revenue will be used in connection with construction of station adjacent to main terminal that will serve only airport passengers, employees and visitors RD Policy: an airport transit station and line is the type of ground access project that is directly and substantially related to air transportation, and represents an airport project for which airport revenue may properly be used (64 FR 7696, (Feb. 16, 1999); SFO BART) Rail line through the airport will serve non-airport users but MWAA funding for this is anticipated to be with PFCs (see JFK, PDX)

12 3. Will the rent-free provision of land at Dulles for the Metrorail project be an invalid diversion of airport revenue? It should not be RD Policy: making airport land available at less than fair market rental for public transit terminals, right-of-way, and related facilities will not be considered a violation...if the transit system is publicly owned and operated...and the facilities are directly and substantially related to the air transportation of passengers or property, including use by airport visitors and employees. A lease of nominal value in the[se] circumstances...would be considered consistent with the self-sustaining requirement (64 FR 7696, 7721 (Feb. 16, 1999))

13 4. Does revenue from the completed rail line constitute airport revenue? It should not All revenue will go to rail operator, WMATA, not MWAA The $10 M in airport revenue for station at Dulles is minor contributor: less than 10% of station cost, less than 5% of rail on airport cost, and less than.3% of entire Metrorail project cost Foregoing this revenue is consistent with self-sustaining principle In any event, very unlikely that rail line will produce any net revenue

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