photo credit: Virginia Department of Transportation
| Location | Stafford County, Virginia |
|---|---|
| Project Sponsor / Borrower | Virginia Department of Transportation |
| Program Areas |
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| Mode | Highway / Express Lanes |
| Description | The existing I-95 Express Lanes in Northern Virginia extends 29.4 miles from its southern end at Route 610 (Garrisonville Rd.) in Stafford County north to Edsall Rd. in Alexandria, Fairfax County, where the lanes continue onto I-395, after crossing the I-495 Capital Beltway. The I-95 Express Lanes make connections at these points to the 495 Express Lanes and 395 Express Lanes, forming a vital network of tolled managed lanes in Northern Virginia. The I-95 Express Lanes Fredericksburg Extension will continue the reversible express lanes in the median of I-95, adding three lanes for approximately 1.5 miles, and two lanes for another 8.5 miles from Route 610 (Exit 143) in Stafford County south to the vicinity of Route 17 (Exit 133) near Fredericksburg. At its southern end, the 10-mile project will connect to the I-95 Southbound Rappahannock River Crossing and I-95 Northbound Rappahannock River Crossing projects, which are adding three new through lanes in each direction in the median of I-95 and converting the existing three lanes in each direction to local traffic access. The express lanes will include new access points including flyover ramps at the Route 17 terminus and Quantico area (Fuller Rd.) Additional access will be added near the Route 17 and Route 630 (Courthouse Road) I-95 interchanges in Stafford, and near the Russell Road interchange at Quantico Marine Corps Base north of the 10-mile extension in Prince William County. The project includes seven new bridge structures. The project is being delivered under an Amended and Restated Comprehensive Agreement with 95 Express Lanes LLC, the Transurban Group-led concessionaire that implemented the existing I-95 Express Lanes and 395 Express Lanes and is operating and maintaining those facilities through 2087. The transaction includes a Permit Fee Buyout payment that eliminates the requirement for the private partner to make future anticipated revenue share payments to VDOT. |
| Cost | $487 million - Total cost including development and construction, financing, reserve accounts, and contingency $829.9 million - Total cost including $277 million Permit Fee Buyout payment and $65.9 million in additional payments to VDOT for sharing of design-build and development cost savings |
| Funding Sources | Private Activity Bonds (PABs) - $277.0 million ($262.0 million principal plus original issue premium) Private equity capital contributions - up to $552.9 million |
| Project Delivery / Contract Method | Design-build-finance-operate-maintain (DBFOM) Toll Concession (68 years) |
| Private Partner | 95 Express Lanes LLC (Transurban Group) - DBFOM Concessionaire Branch-Flatiron, Joint Venture - Design-builder
Transurban (USA) Inc. - Tolling and Traffic Management System contractor (design, construction, commissioning) Transurban (USA) Operations Inc. - O&M |
| Project Advisors / Consultants | JP Morgan - PABs Underwriter To Virginia Small Business Financing Authority (Issuer)
To 95 Express Lanes LLC
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| Lenders | Bondholders |
| Duration / Status | Design-build contract awarded fall 2018. Amended and Restated Comprehensive Agreement and Design-build contract executed April 18, 2019. Major construction began in July 2019. Anticipated construction completion in late 2022. |
| Financial Status | Financial close reached April 30, 2019. |
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| Related Links / Articles | |
| Contacts | Bill Arel |
