Fairfax and Prince William Counties, Virginia
|Project Sponsor / Borrower||
Virginia Department of Transportation / I-66 Express Mobility Partners LLC
|Fiscal Year Closed||Fiscal Year 2018|
Highway / Express Lanes
Transform 66 - Outside the Beltway will reconstruct and expand 22.5 miles of I-66 in Virginia from the I-495 Capital Beltway to US 29 in Gainesville. This section of I-66 currently has three general purpose lanes in each direction between I-495 and US 50 in Fairfax and two general purpose lanes in each direction west of US 50. The corridor also includes a single HOV lane in each direction. The Washington Metropolitan Area Transit Authority Metrorail runs along the median of I-66 from the Capital Beltway 2.5 miles west to the Vienna/Fairfax Metro Station.
The project will:
The project is intended to alleviate peak congestion, which extends across four to five hours in both the a.m. and p.m. peak periods, with speeds as low as 10-15 mph. I-66 currently serves over 220,000 vehicles on weekdays in Fairfax County. The corridor also experiences higher than average crash rates compared to other Virginia highways and few alternatives to single occupant vehicle use, as well as a growing regional population.The project is being delivered under a 50-year design-build-finance-operate-maintain public-private partnership concession. The private partner's investment includes an upfront payment of approximately $500 million that will be used to fund additional transportation improvements in the corridor. The concession agreement also requires the private partner to pay a net present value of $800 million for transit service in the corridor and $350 million for other projects to improve the I-66 corridor over the life of the concession.
$3.724 billion (TIFIA eligible project costs)
TIFIA loan - $1,229 million
Private Activity Bonds - $737 million
Virginia State Infrastructure Bank loan - $39.0 million
Equity contribution - $1,525 million
|Project Delivery / Contract Method||DBFOM (design-build-finance-operate-maintain)|
I-66 Express Mobility Partners LLC
|Project Advisors / Consultants||
To I-66 Express Mobility Partners:
To USDOT Build America Bureau:
USDOT TIFIA, Bondholders
|Duration / Status||
Commercial close achieved December 2016.
Financial close achieved November 9, 2017.
Construction is expected to start in late 2017 and reach substantial completion by December 2022.
Concession term, including construction - 50 years.
|TIFIA Credit Assistance||
Direct Loan - $1,229 millionThe TIFIA loan is secured by pledged net toll revenues (gross revenue minus annual O&M expenses).
TIFIA credit agreement was signed on November 7, 2017.
|Related Links / Articles|
Susan Shaw, P.E.