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The U.S. Department of Transportation (USDOT) has taken a significant step towards enhancing the infrastructure of Virginia by granting a substantial $141 million loan to the Hampton Roads Transportation Accountability Commission (HRTAC). This move, announced on November 17, is part of a strategic effort to improve the safety and mobility of the Interstate 64 in the Hampton Roads area of Virginia, a region pivotal for its economic and strategic importance.
This funding, facilitated through the Build America Bureau, is not just a monetary injection but a testament to the collaborative efforts between the USDOT and the Virginia Department of Transportation (VDOT). It’s a part of the Transportation Infrastructure Finance and Innovation Act (TIFIA) loans, which are instrumental in expediting infrastructure projects and reducing their overall costs.
The loan will benefit the bustling and diverse cities within the Hampton Roads area, including Chesapeake, Newport News, Norfolk, and Virginia Beach, among others. Deputy Transportation Secretary Polly Trottenberg highlighted the project’s significance, noting its potential to alleviate regional supply chain bottlenecks, stimulate job creation, and enhance safety.
This project is a crucial part of the expansive $445 million Hampton Roads Express Lanes Network, which spans 45 miles along I-64. The focus is on Segment 4C, a 2.5-mile stretch notorious for its traffic challenges. The construction plans are ambitious, encompassing express lanes, general-purpose lanes, and improved transit options for buses, aiming to reduce carbon emissions and facilitate faster travel times.
The project has far-reaching implications beyond just traffic management. Morteza Farajian, Executive Director of the Build America Bureau, emphasized its importance to national security, given the presence of over 80,000 active-duty military personnel in the region. Moreover, the project is expected to generate significant savings. Kevin Page, HRTAC Executive Director, revealed an estimated $18 million net savings from the TIFIA loan and associated financing.
This project is not the first of its kind; it follows in the footsteps of the Hampton Roads Regional Priority Project and the Hampton Roads Bridge Tunnel Project, both financed through TIFIA. Collectively, these initiatives underscore the USDOT’s commitment to supporting over $135.8 billion in infrastructure investment nationwide.
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