“The commonwealth was able to increase competition and get interested private sector parties to agree to terms that minimize risk and maximize benefits for taxpayers,” says VDOT Secretary Aubrey Layne. “To make sure the commonwealth is in a position of strength in negotiations, we will keep the public financing option on the table until a contract is signed.”
Three private sector teams for a toll concession reported they could meet or beat Virginia terms for this project, which include:
- Maximum public cost of up to $600 million
- Private financing of remaining construction costs
- Support for transit capital and operating over the term of the deal
- $350 million in net present value provided back for corridor improvements over the term of the deal
VDOT plans to pick a private sector partner in the fall of 2016 with financial close scheduled for spring of 2017.
The project involves multi-modal improvements to add capacity and provide new options for “more predictable” travel times. Proposed improvements include three regular lanes in each direction, two express lanes in each direction and “high-frequency” bus service with “predictable” travel times.
More details on the project are available at https://outside.transform66.org/.
