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Project Profile: Dominion Boulevard Improvement Project

Dominion Boulevard Improvement Project - Chesapeake, Virginia

photo credit: City of Chesapeake

Location

Chesapeake, Virginia

Project Sponsor / Borrower

City of Chesapeake

Program Areas

Project FinanceTolling and Pricing

Mode

Toll Highway/Bridge

Description

The Dominion Boulevard Project is a group of road and bridge improvements along 3.8 miles of Dominion Boulevard, from Cedar Road to the I-64/I-464/Oak Grove Connector Interchange in Chesapeake, Virginia. The project consists of widening Dominion Boulevard from two to four lanes, the replacement of the Steel Bridge over the southern branch of the Elizabeth River, and improvements to grade-separated interchanges and ramps along the project corridor. This project, together with the existing Chesapeake Expressway will form the Chesapeake Transportation System (CTS). The CTS will operate as a single facility.

Cost

Total project cost - $399.4 million

  • $345.2 million (construction cost)
  • $19.3 million (refinancing of Series 1999 bonds)
  • $34.9 million (issuance, interest, reserve account costs)
Funding Sources

State

  • Virginia Transportation Infrastructure Bank (VTIB) Loan (to the City of Chesapeake) - $152 million
  • Toll Facilities Revolving Account Loan (to the City of Chesapeake) - $24 million
  • Regional Surface Transportation Program Funds - $85.8 million

Local

  • Series 2012 Toll Revenue Bonds - $158.5 million (including net original issue premium; partially to repay state loans)
  • Series 1999 Debt Service and Reserve Funds - $2.7 million
Project Delivery / Contract Method

Design-bid-build

Private Partner None
Project Advisors / Consultants

Parsons Brinckerhoff, Inc. - Design
Series 2012 Bond Advisors

  • BB&T Capital Markets - Finance
  • Public Finance Management, Inc.- Finance

Dominion Boulevard Constructors - Construction

  • McLean Contracting Company
  • Bryant Contracting, Inc.
  • R.R. Dawson Bridge Company, LLC
  • E.V. Williams, Inc.
Lenders

Commonwealth of Virginia

Duration / Status

Construction began in January 2013 and is expected to be complete in early 2017.

Innovations
  • The project will be financed in part through a series of revolving loan funds, including the Virginia state infrastructure bank (VTIB) and the Commonwealth's Toll Facilities Revolving Account. The Toll Facilities Revolving Account is part of the Commonwealth's Transportation Trust Fund, created by statute, and is funded through interest earnings on balances from the Revolving Account, the Trust Fund and the Commonwealth's Highway Maintenance and Operations Fund.
Related Links / Articles

Dominion Boulevard Project Website

Contacts

Tel: (757) 389-5408
dominion@cityofchesapeake.net

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