July 15, 2024

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U.S. Department of Transportation Announces Loan of up to $141 Million for the I-64 Hampton Roads Express Lanes Project in Virginia

U.S. Department of Transportation Announces Loan of up to $141 Million for the I-64 Hampton Roads Express Lanes Project in Virginia
U.S. Department of Transportation Announces Loan of up to 1 Million for the I-64 Hampton Roads Express Lanes Project in Virginia

Project Will Improve Mobility and Supply Chain for the Region  Washington – The U.S. Department of Transportation today announced that its Build America Bureau has provided a $141 million low-interest loan to the Hampton Roads Transportation Accountability Commission (HRTAC) on behalf of the Virginia Department of Transportation (VDOT) to improve regional mobility and safety on […]

The post U.S. Department of Transportation Announces Loan of up to $141 Million for the I-64 Hampton Roads Express Lanes Project in Virginia first appeared on Reliable News.

Project Will Improve Mobility and Supply Chain for the Region 

Washington – The U.S. Department of Transportation today announced that its Build America Bureau has provided a $141 million low-interest loan to the Hampton Roads Transportation Accountability Commission (HRTAC) on behalf of the Virginia Department of Transportation (VDOT) to improve regional mobility and safety on I-64 in Hampton Roads. By providing Transportation Infrastructure Finance and Innovation Act (TIFIA) loans and other financing, the Bureau helps communities expedite infrastructure projects and reduce project costs.   

“This project will eliminate a key regional supply chain bottleneck and has vast economic and job creation potential by providing a consistently reliable connection to Virginia’s port system, the third largest on the East Coast,” said Deputy Secretary Polly Trottenberg. “Additionally, the project will enhance safety by improving the emergency evacuation route for the region.”  

The $445 million project is part of the Hampton Roads Express Lanes Network, a 45-mile system of continuous express lanes along I-64.  “Segment 4C” will address one of the region’s most significant chokepoints, 2.5 miles from LaSalle Avenue to Settlers Landing Road, by constructing one full-time express lane, one part-time express lane, and two general-purpose lanes in each direction. Hampton Road Transit Buses will bypass the general-purpose lanes, generating lower carbon emissions and faster travel times for transit riders, better serving an area with a growing population of more than 1.7 million. 

“Virginia’s innovative financing approach is helping to deliver these overdue improvements at a lower cost,” said Bureau Executive Director Morteza Farajian. “Additionally, with over 80,000 active-duty military personnel at eight installations in Hampton Roads, improving regional mobility is critical to national security.”  

VDOT expects to complete the project in late 2026. Additional improvements include constructing noise walls, replacing the eastbound Hampton River bridges, and rehabilitating four bridges at Hampton River, King Street, and Settlers Landing Road. Travel time savings are expected to range between 10-15 minutes in the express lanes and 10 minutes in the general-purpose lanes. 

“We estimate that this TIFIA loan and the associated interim financing generated $18 million net savings for the Commission. When including the three previous loans, the TIFIA program has provided $1.8 billion of funding to date for the Commission with a $495 million aggregate net savings,” said HRTAC Executive Director Kevin Page. “These enormous savings have allowed the Commission to not only ensure delivery of current projects under construction but also provide funding for future projects in our capital program.”  

This is HRTAC’s third project financed with TIFIA; the first was the Hampton Roads Regional Priority Projects, and the second was the Hampton Roads Bridge Tunnel Project.  

To date, the DOT has closed more than $39.7 billion in TIFIA financings, supporting more than $135.8 billion in infrastructure investment across the country.  

For more information on financing programs and to learn more about the Build America Bureau, please visit the website here. For updates, subscribe to the Bureau newsletter and announcements here.   

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The Build America Bureau advances investment in transportation infrastructure by lending Federal funds to qualified borrowers; clearing roadblocks for creditworthy projects; and encouraging best practices in project planning, financing, delivery, and operations. The Bureau draws on expertise across DOT to offer technical assistance and serve as a point of coordination for states, municipalities, private partners, and other project sponsors seeking Federal financing. 

Official news published at https://www.transportation.gov/briefing-room/us-department-transportation-announces-loan-141-million-i-64-hampton-roads-express

The post U.S. Department of Transportation Announces Loan of up to $141 Million for the I-64 Hampton Roads Express Lanes Project in Virginia first appeared on Reliable News.