On April 18, 2011, Governor McDonnell signed into law a comprehensive transportation investment legislation that will provide funding for more than 900 transportation projects over the next three years in the Commonwealth of Virginia. The legislation will accelerates the issuance of $200 million of Capital Project Revenue Bonds authorized by the General Assembly in 2007 during FY 2012 and $300 million in FY 2013, thereby enabling the Virginia Department of Transportation (VDOT) to issue $1.8 billion in bonds over the next three years; authorizes the issuance of $1.1 billion in federally backed Direct GARVEE Bonds to better leverage the Commonwealth's annual federal allocation and support the construction of major congestion reducing projects statewide; creates a new Virginia Transportation Infrastructure Bank, initially funded with $283 million from the FY 2010 surplus and savings from the VDOT performance audit, to make low-interest loans and grants to localities, transportation authorities and private-sector partners for transportation projects. The administration aims to put $1 billion into the bank through a number of mechanisms over the next three years.
Some projects of note that will be funded by this program in Hampton Roads are:
• Widening Lynnhaven Parkway, Holland Road and Witch Duck Road in Virginia Beach, as well as replacing the Lesner Bridge
• Advancing PPTA projects such as the widening of Dominion Boulevard in Chesapeake; the construction of a new tube for the Midtown Tunnel between Norfolk and Portsmouth; and construction of a new Route 460 from Suffolk to Petersburg
For more information, please see the Governor's April 18, 2011 press release.
Tonight, VDOT will be holding one of four public hearing to gain comment on the FY 2012 - 2017 Six Year Improvement Program (SYIP). For information about tonight's meeting, click HERE.