December 18, 2018 - -

Dallas Area Rapid Transit (DART) this week expects to close on an agreement for a $908 million loan with the Federal Railroad Administration's Railroad Rehabilitation and Improvement Financing (RRIF) program.

The loan will be used to fund the Cotton Belt Corridor project, which calls for construction of a 26-mile commuter-rail line from Plano, Texas, to Dallas Fort Worth International Airport.

A DART spokesman confirmed that the agency anticipates closing on the loan this week.

Financing through a RRIF loan leaves DART in a better position to issue bonds for its proposed D2 Subway project, said DART Vice Chairman Paul Wageman in an interview with The Bond Buyer.

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