Project on Short List for Competitive Federal Credit Program
WASHINGTON – U.S. Transportation Secretary Ray LaHood today announced that the Department has selected the Transurban Group and Fluor Enterprises Inc., to apply for a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to develop an HOV-to-HOT lanes project designed to reduce congestion and greenhouse gas emissions in northern Virginia on the I-95 corridor. Travelers on the corridor now experience significant daily delays.
The I-95 HOT Lanes project will convert, expand and extend 29 miles of HOV-to-HOT lanes – from Edsall Road in Fairfax County and Garrisonville Road in Stafford County – to serve as a direct link to the Capital Beltway.
“President Obama called for ‘an America built to last,’ and the TIFIA program can help us achieve that,” said Secretary LaHood. “A little TIFIA goes a long way for communities that use these loans to leverage additional funding so they can tackle the big picture transportation projects this country needs.”
One of Five Selected
The Virginia project was one of five selected to submit a loan application, which the Department of Transportation will review. If approved, the loan would go toward financing part of the estimated total project cost of $927 million.
“TIFIA can help move projects forward, which will create jobs and strengthen the economy,” Federal Highway Administrator Victor Mendez said. “Given current fiscal constraints, the program provides an invaluable opportunity for states and localities to leverage limited resources.”
About the Program
The TIFIA program provides federal credit assistance to nationally or regionally significant surface transportation projects, including highway, transit and rail. The program is designed to fill market gaps and leverage substantial private co-investment by providing projects with supplemental debt.
National demand for TIFIA infrastructure credit assistance has been overwhelming. In response to the fiscal year 2012 Notice of Funding Availability, the U.S. Department of Transportation received 26 letters of interest exceeding $13 billion in total requests. Since its inception, TIFIA has accelerated delivery of critical infrastructure investments by providing almost $9.1billion in credit assistance to 26 projects.