Wednesday, November 21, 2012
Contact: Nancy Singer
Tel: ; 202-366-0660
U.S. Transportation Secretary LaHood Announces $300 Million Loan to Help Build New I-95 Express Lanes in Northern Virginia
WASHINGTON – U.S. Transportation Secretary Ray LaHood today announced a $300 million loan for new I-95 Express Lanes to help relieve congestion in the Washington, D.C., metro area.
"President Obama called on us to create an America built to last because when we improve our nation's transportation infrastructure, we strengthen our economy," said U.S. Transportation Secretary Ray LaHood. "The work in northern Virginia on the I-95 Express Lanes will provide good jobs today and make driving in the region less congested and safer for generations to come."
The 29 mile project adds a third new reversible HOV/HOT lane between Edsall Road and Fairfax County Parkway, in addition to two new reversible lanes from Dumfries Road to Garrisonville Road. The new lanes will offer more travel options for people employed at Tysons Corner and military sites along the corridor, including Ft. Belvoir and Marine Corps Base Quantico, as well as in Washington, D.C.
"The new lanes will make it easier for people to travel and for businesses to serve their customers," said Federal Highway Administrator Victor Mendez. "The improvements will strengthen the region’s economy and provide a more efficient commute."
The project will be delivered through a public-private partnership between the Virginia Department of Transportation (VDOT) and 95 Express Lanes, LLC, the private developer and recipient of the loan.
The project is estimated to cost $1 billion, which includes the $300 million TIFIA loan, $100 million in additional federal highway funding, and $71 million in GARVEE bonds. In addition, a TIGER III (Transportation Investment Generating Economic Recovery) grant will be used to pay the subsidy cost of the loan to the federal government. The Department selects TIGER projects based on their ability to create economic growth, as well as achieve long term strategic transportation goals.
The TIFIA credit program is designed to fill market gaps and leverage substantial private investment. Each dollar of federal funding can provide up to $10 in TIFIA credit assistance and support up to $30 in transportation infrastructure investment. Since its launch, the TIFIA program has helped 29 projects turn $10.1 billion in DOT assistance into $40.8 billion in infrastructure investment across America. The recently enacted transportation bill, Moving Ahead for Progress in the 21st Century (MAP-21), transforms TIFIA into the largest transportation infrastructure loan program in history, making available up to $17 billion in credit assistance for critical infrastructure projects.
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