Project Profile: I-81 Corridor Improvements, Virginia

The project is part of the I-81 Corridor Improvement Program, which consists of innovative, targeted improvements that will have a substantial effect on the safety and reliability of a critical portion of our nation’s infrastructure. The traditional TIFIA loan will enable VDOT to finance and accelerate the implementation of its $2.7 billion I-81 Capital Improvement Plan, enabling the financing of an additional lane in each direction from mileage marker 136 to 139 in Roanoke County. The lane additions will improve the ability to accommodate increased freight and passenger vehicle volumes along the I-81 corridor. The rural component of the project is being financed by a second TIFIA loan from the Build America Bureau’s Rural Project (RPI) Initiative. The rural component includes acceleration, deceleration, and merge area improvements, improving safety and highway access in Frederick, Pulaski, Rockbridge, Shenandoah, Smyth, Washington, and Wythe counties.

Interstate O&E Program: $48.2
Series 2021 Bonds: $102.9
2022 TIFIA direct loan: $82.6 (repayment with tax revenue)

Rural Project:
2022 TIFIA RPI loan: $15.0
Regional Fuel Taxes/Interstate O&E Allocation: $15.6

Public Resource Advisory Group

• The TIFIA loan for the rural component met the criteria for TIFIA’s RPI, which offers loans for up to 49 percent of the project’s eligible costs (versus the traditional 33 percent), as well as fixed interest rates that are half the U.S. Treasury rate.
• The I-81 Corridor Improvement Program is innovative, targeted improvements that will have a substantial effect on the safety and reliability of a critical portion of our nation’s infrastructure.