photo credit: VDOT
| Location | Fairfax, Prince William, and Stafford Counties, Virginia |
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| Project Sponsor / Borrower | Virginia Department of Transportation (VDOT) 95 Express Lanes LLC (the Concession Company and TIFIA borrower) |
| Program Areas |
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| Mode | Highway / Express Lanes |
| Description | The I-95 Express Lanes will be the second major step in creating a regional network of tolled managed lanes in Northern Virginia. The project consists of the development, design, finance, construction, maintenance and operation of 29.4 miles of High Occupancy Vehicle (HOV)/High Occupancy Toll (HOT) Lanes along I-95 and I-395 in Northern Virginia, from Garrisonville Rd. in Stafford County to Edsall Rd. in Fairfax County over a 76-year concession period. The project is divided into four segments:
The new managed lanes will provide congestion relief and connectivity to users travelling to and from major employment centers in Northern Virginia, such as Tysons Corner and Washington, D.C., and five major military sites, including Ft. Belvoir, Quantico Marine Corps Base, and the Pentagon, while providing a reliable pathway for transit vehicles and carpools to travel throughout the region. In many areas, the project will provide first-time, direct HOV and transit access to these destinations. |
| Cost | Total Cost - $922.6 million (excluding $25.4 million in early development costs already incurred by VDOT) |
| Funding Sources | TIFIA loan - $300.0 million Private Activity Bonds - $252.6 million Commonwealth of Virginia Grant - $82.6 million Private Equity - $280.4 million TIFIA Capitalized Interest - $6.5 million Interest Earnings - $0.6 million * A TIGER III (Transportation Investment Generating Economic Recovery) grant is used to pay the subsidy cost of the loan to the federal government. |
| Project Delivery / Contract Method | Design-build-finance-operate-maintain Toll Concession (76 years) |
| Project Partner | 95 Express Lanes LLC
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| Project Advisors / Consultants | Virginia Department of Rail and Public Transportation Fluor-Lane 95, LLC - Design-builder To the Borrower
To USDOT TIFIA JPO
To Public Sector Sponsor
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| Lenders | Bondholders, USDOT TIFIA |
| Duration / Status | Construction began in August 2012 Open to traffic in December 2014 Conclusion of concession in 2087 |
| TIFIA Credit Assistance | Direct Loan - $300.0 million |
| Financial Status / Financial Performance | Private Activity Bonds sold in July 2012 TIFIA credit agreement was executed on November 20, 2012 |
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| Related Links / Articles | |
| Contacts | Larry O. Cloyed, PMP |
