By ashleykaren
The U.S. Department of Transportation revealed that its Build America Bureau, on behalf of the Virginia Department of Transportation (VDOT), has delivered a $141 million low-interest loan to the Hampton Roads Transportation Accountability Commission (HRTAC) to enhance regional mobility and safety on I-64 in Hampton Roads.
The Bureau helps communities expedite infrastructure projects and decrease project costs by delivering Transportation Infrastructure Finance and Innovation Act (TIFIA) loans and further financing.
Polly Trottenberg, Deputy Secretary, claimed: “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.”
She continued: “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. By constructing one full-time express lane, one part-time express lane, and two general-purpose lanes in each direction, “Segment 4C” will handle one of the region’s most noteworthy chokepoints, 2.5 miles from LaSalle Avenue to Settlers Landing Road.
In addition, Hampton Road Transit Buses will bypass the general-purpose lanes, producing lower carbon emissions and faster travel times for transit riders, better serving an area with a growing population of over 1.7 million.
Morteza Farajian, Bureau Executive Director, expressed: “Virginia’s innovative financing approach is helping to deliver these overdue improvements at a lower cost,”
“Additionally, with over 80,000 active-duty military personnel at eight installations in Hampton Roads, improving regional mobility is critical to national security.”
VDOT envisions to finish the project in late 2026. Further advancements comprise building noise walls, replacing the eastbound Hampton River bridges, and rehabilitating four bridges at Hampton River, King Street, and Settlers Landing Road.
Also, travel time savings are predicted to range between 10-15 minutes in the express lanes and 10 minutes in the general-purpose lanes.
Kevin Page, HRTAC Executive Director, mentioned: “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.”
He added: “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 project is HRTAC’s third one sponsored by TIFIA; the first was the Hampton Roads Regional Priority Projects, and the second was the Hampton Roads Bridge Tunnel Project.
The DOT has closed over $39.7 billion in TIFIA financings till now, funding over $135.8 billion in infrastructure investment across the country.
For additional information on financing programs and learning more regarding the Build America Bureau, please visit here.
