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DART Investor Relations
Joseph G. Costello, Chief Financial Officer
About
Learn about DART Investor Relations, including Featured News, Key Projects, and The Team.
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- Service Area
- 700 Square Miles
- Bond Ratings
- Aa2/AA+/AA+
- Bonds Outstanding
- $3.1 billion
About DART Investor Relations
Dallas Area Rapid Transit (DART) is a subregional transportation authority of the State of Texas. We were created and confirmed by passage of a referendum on August 13, 1983, pursuant to Article 1118y of Vernon’s Annotated Civil Statutes, as amended and recodified as Chapter 452, Texas Transportation Code. Our current boundaries include the territory lying within the corporate limits of the following Participating Municipalities: the Cities of Carrollton, Cockrell Hill, Dallas, Farmers Branch, Garland, Glenn Heights, Irving, Plano, Richardson, Rowlett and University Park and the Towns of Addison and Highland Park. We are governed by a 15 member Subregional Board of Directors.
Our administrative office is located in Dallas County, Texas, and our boundaries include approximately 700 square miles and a population of approximately 2.4 million persons, as of January, 2018, according to information obtained from the North Central Texas Council of Governments.
Featured News
July 23, 2019
News
DART Receives American Public Transportation Association's 2019 Innovation Award
DART has been named the American Public Transportation Association's (APTA) 2019 Innovation Award winner.
The Innovation Award is given to a public transit agency demonstrating innovative concepts in the provision of public transportation services. Entries this year had to show how their transit system demonstrated excellence within the three-year period of 2016-2018.
DART's winning entry was their GoPass app, the first public transit ticket-purchasing app in the nation that involved multiple agencies and different types of transportation by combining efforts between DART in Dallas County, the Fort Worth Transportation Authority (now Trinity Metro) in Tarrant County and the DCTA in Denton County.
News
Moody's Assigns Aa2 to DART's $221M Sales Tax Ref. Bonds Ser. 2016B; outlook stable
August 25, 2016 -- Issue: Senior Lien Sales Tax Revenue Refunding Bonds, Series 2016B; Rating: Aa2; Rating Type: Underlying LT; Sale Amount: $221,000,000; Expected Sale Date: 09/14/2016; Rating Description: Special Tax: Sales;
Summary Rating Rationale
Moody's Investors Service has assigned a Aa2 rating to Dallas Area Rapid Transit's, TX (DART) $221 million Senior Lien Sales Tax Revenue Refunding Bonds, Series 2016B. The bonds are expected to sell on September 14.The Aa2 rating reflects sound legal provisions including the bonds' senior gross lien on a 1% sales tax collected in Dallas (Aa2 stable) and 12 other surrounding municipalities; trustee intercept of those revenues; a two times additional bonds test; the strength of the DART service area economy and our expectation that it will perform well going forward; and debt service coverage that is satisfactory but has declined in recent years reflecting DART's acceleration of its bonding program.
Key Projects
Cotton Belt Corridor
The DART 2030 Transit System Plan (TSP), approved in October 2006, identified the Cotton Belt Corridor as a priority project. In 2016, DART advanced implementation of the Cotton Belt to the year 2022 in its FY2017 Twenty-Year Financial Plan. The DART 2040 Transit System Plan, which is under development, will reflect this change to the project schedule. The proposed project would be financed through a new federal loan program called Railroad Rehabilitation and Improvement Financing (RRIF). The project assumes a phased approach to implementation that would initially include mostly single-track operations.
The 26-mile Cotton Belt Corridor extends between DFW Airport and Shiloh Road in Plano (see map below). The alignment traverses seven cities: Grapevine, Coppell, Dallas, Carrollton, Addison, Richardson and Plano. The Cotton Belt Project’s primary purpose is to provide passenger rail connections and service that will improve mobility, accessibility and system linkages to major employment, population and activity centers in the northern part of the DART Service Area. The Cotton Belt Project would interface with three DART LRT lines: The Red Line in Richardson/Plano, the Green Line in Carrollton and the Orange Line at DFW Airport. Also at DFW Airport the project would connect to Fort Worth Transit Authority's TEX Rail Regional Rail Line to Fort Worth and the DFW Airport Skylink People Mover.
DART is preparing an Environmental Impact Statement (EIS) to assess the impacts and benefits of rail passenger service on the Cotton Belt Corridor. Project oversight will be conducted by the Federal Transit Administration (FTA) in cooperation with the Federal Railroad Administration (FRA) and the Federal Aviation Administration (FAA).
For more information, visit https://www.dart.org/about/expansion/cottonbelt.asp
D2: Dallas Central Business District (CBD) Second Light Rail Alignment
The D2 Project is the future second DART light rail alignment through downtown Dallas. The D2 Project will increase system capacity, provide operational flexibility and serve new markets. It is a critical element of sustaining the DART system into the future by adding core capacity to the network.
DART and the City Council adopted a Locally Preferred Alternative (LPA) in September 2015, which included a mostly at-grade route. As project planning progressed, there were increasing concerns from downtown stakeholders regarding potential impacts of the LPA route. DART is now initiating efforts to refine D2 as a subway based on the following actions:
- Dallas City Council approved a resolution on October 11, 2016 recommending that DART develop a subway option for D2.
- DART Board of Directors approved its FY17 Twenty-Year Financial Plan on October 25, 2016 with an increased budget to accommodate a subway for D2, including authorization to seek a larger grant amount from the Federal Transit Administration (FTA).
For more information, visit: http://www.dart.org/about/expansion/downtowndallas.asp
The Team
