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Project Profile: Hampton Roads Regional Priority Projects

Hampton Roads Regional Priority Projects

Source: Virginia Department of Transportation (VDOT)

Caption: Construction for the High-Rise Bridge, looking West, for the Hampton Roads Regional Priority projects.

CIFS Tool Categories:

  • Alternative Project Delivery: Design-Build-Finance, Project Bundling, & Value Capture
Location

Hampton Roads, VA

Project Borrower Hampton Roads Transportation Accountability Commission (HRTAC)
Program Areas

Alternative Project DeliveryProject FinanceValue CaptureTIFIA

Mode

Highway

Description

The Hampton Roads Regional Priority Projects are roadway and bridge projects involving I-64 in the Hampton Roads, Virginia area. The projects, which span work across I-64, the I-64/I-264 Interchange, and the I-64/High-Rise Bridge, will reduce traffic congestion, promote economic growth, and improve safety throughout the region.

The Hampton Roads Transportation Accountability Commission (HRTAC) prioritized these projects to add travel and shoulder lanes, reconstruct existing roadways, and build new collector-distributor roadways and a flyover ramp. Roadway improvements will increase capacity with general purpose and HOV lanes, plus address long-term safety along the corridor by updating portions of the interstate and improving vehicular service. The projects also include repairing 19 bridges, replacing two others, and building one new bridge.

HRTAC collaborates with the Hampton Roads Transportation Planning Organization (HRTPO) to set funding priorities based on regional consensus developed by HRTPO.

The following projects are currently under development or construction by Virginia Department of Transportation (VDOT) on behalf of HRTAC:

Construction of the Hampton Roads Regional Priority Projects is likely to be completed in the fall of 2021 and the projects will be supported by revenue from motor fuel taxes and sales taxes. Effective January 1st 2020, there is an additional Retail Sales and Use Tax of 0.7 percent in the Northern Virginia and Hampton Roads Regions (Planning District 23).

Cost

$1.57 Billion

Funding Sources

  • Senior Debt - $583 million (Par of $500 million)
  • Federal Funds - $168 million
  • State/Local - $222 million
  • TIFIA loan - $503 million
  • PayGo - $118 million

Project Delivery / Contract Method

Design-Build (Each of the subprojects was procured under a separate Design-Build contract.)

Private Partner

Public Sponsor: Hampton Roads Transportation Accountability Commission

Construction: Virginia DOT provides administration of the construction via 6 DB contracts below:

  • Shirley Contracting Company LLC (2 contracts)
  • Allan Myers VA, Inc.
  • Tutor Perini Corporation
  • Lane Construction Company
  • Granite-Parsons-Corman (joint venture)

Project Advisors / Consultants

To Borrower:

  • Financial Advisor: PFM
  • Legal: Kaufman & Canoles P.C.

To United States Department of Transportation (USDOT) Build America Bureau:

  • Financial Advisor: Fieldman, Rolapp & Associates 
  • Legal Advisor: Norton Rose Fulbright

Lenders

USDOT

Duration / Status

Construction underway, 2 segments have already opened to vehicular traffic (substantial completion). Anticipated completion of all segments is 9/2021.

Financial Status/Financial Performance

The TIFIA credit agreement was executed in December 2019. The TIFIA loan will be repaid from a gross pledge taxes (sale & use tax and motor fuel tax).

Innovations

  • Established the HRTAC to oversee the use of the Hampton Roads Transportation Fund (HRTF) for roadway construction projects and to issue bonds to support bond debt.
  • Procured through design-build contracts.
  • TIFIA Innovative Finance

Related Links / Articles

Contacts

Kevin B. Page
Executive Director
(757) 413-9319
kpage@hrtac.org

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