Setting the Record Straight on the Greenway’s Debt
Misinformation about the Greenway’s debt is used to distract from the fact that the Greenway is the most cost-effective toll road in Northern Virginia. Here are the facts.
Misinformation about the Greenway’s debt is used to distract from the fact that the Greenway is the most cost-effective toll road in Northern Virginia. Here are the facts.
The Greenway’s approach to its debt is common for infrastructure projects and is designed to balance investment in the road with affordability for drivers. Since it was constructed, the Greenway’s financial history has always been fully transparent and regulated by the Commonwealth.
The Greenway’s financing is designed to invest in the road and keep tolls as stable and consistent as possible for our community.
Toll roads require substantial capital investments to be constructed and maintained, and it is common for toll road operators to finance these projects through loans, bonds or other financing tools.
The Greenway has only refinanced its debt twice in its history — once in the late 1990s and again in 2005, both fully reviewed and approved by the State Corporation Commission (SCC) as being in the public interest.
The 2005 refinancing helped deliver major upgrades, including:
The Greenway uses zero-coupon bonds, a financing tool where interest is paid all at once at maturity (2056) rather than every year. This makes the debt balance appear larger over time, but the total cost is the same as traditional debt.
By using zero-coupon bonds, the Greenway can:
The company that operates the Greenway does not set the toll rates. The rates are set through rate cases with the State Corporation Commission.
All public buses travel on the Greenway for free, providing faster, more efficient commutes for hundreds of thousands of transit users every year.
The Greenway is a privately owned and operated road that has never received any public funding.
The Greenway has paid over $69 million in property taxes since it opened in 1995.
The Greenway is the only privately-owned toll road in Virginia not regulated by VDOT.
The Greenway has created 149 acres of new federally protected wetlands in Loudoun County—more than double the amount impacted during construction, demonstrating a strong commitment to environmental preservation.