On December 29, 2006, The Metropolitan Washington Airports Authority signed the first of several agreements with the Virginia Department of Transportation (VDOT), which will be required for the Dulles Metrorail Project to be financed and built by the Airports Authority.

The major business terms of the agreement between the Airports Authority and VDOT are outlined below:

Term

• The term of the agreement is 50 years, however, the Parties may mutually agree to modify such period in their sole discretion.

Authority Roles and Responsibilities

• Operate, maintain, and improve the Dulles Toll Road to a set of standards, including federal requirements. 
• Pay off all remaining Dulles Toll Road debt and loans (including the note due Fairfax County) and finance certain reserves for debt service, Operation & Maintenance, and contingencies.
• Segregate toll revenues from other Airports Authority revenues.
• Design, build, and finance the Dulles Corridor Metrorail Project from West Falls Church Station to Route 772 in Loudoun County.
• Make other capital improvements in the Dulles Corridor consistent with VDOT and regional planning programs.
• Budget eligible transit operating expenses in the Corridor given available resources.
• Participate in the Commonwealth of Virginia's regional congestion management program.
• Toll rates, including congestion pricing, set by Airports Authority Board using the established regulatory process and after consultation with the Dulles Corridor Advisory Committee.
• The Authority will provide policing services in the Dulles Corridor at a level of service equivalent to that provided on comparable State Highways either with its own forces or under an agreement with the Virginia State Police.  

VDOT's Duties and Obligations

• Continue to operate and maintain the Toll Road at the Airports Authority's cost until, at a minimum, the Federal Full Funding Grant Agreement for the Metrorail Project is executed.
• Provide remaining funding in Dulles Toll Road accounts to the Airports Authority, in part to capitalize reserves.
• Perform as federal steward of the Toll Road and other federal highway roadways and activities in the Corridor.

VDOT's Rights

• Receive financial information and reports.
• Install, maintain, and operate ITS equipment.
• Order suspension of tolls in emergencies.
• Terminate agreement under certain conditions. 

Airports Authority Use of Toll Road Revenues, budgeted annually in this order:

• Operations and Maintenance of Toll Road
• Debt Service and other financing instruments, including reserves
• Toll Road Renewal and Replacement Program
• Any capital improvements in the Corridor, as approved by the MPO
• Any pay-as-you-go Dulles Metrorail Project costs
• Eligible transit operations in the Corridor given available resources 
• Any remaining Toll Revenues will be transferred to the Commonwealth for transportation programs and projects that are reasonably related to, or benefit, the users of the Dulles Toll Road.  

Schedule and Next Steps

• 2/28/07 - Execution of Assignment Agreement with Dulles Transit Partners for Metrorail
• 3/31/07 - Execution of Phase I Design-Build Agreement
• 4/24/07 - Federal Transit Administration (FTA) approval of final design for Phase I
• 4/27/07 - Submit Full Funding Grant Application to FTA
• Fall 2007 - Tentative Timing of FTA Recommendation to Congress for Federal Funding and Approval