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U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

Hampton Roads Regional Priority Projects

Map of Hampton Roads projects
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Hampton Roads Transportation Accountability Commission (HRTAC)
Project Description

The project is a combination of several projects involving I-64. These projects were prioritized for their anticipated impact on reducing congestion in the Hampton Roads, VA, area.

Project scope spans work across I64, the I64/I264 Interchange and the I64/High-Rise Bridge, including:

  • Additional travel and shoulder lanes
  • Reconstruction of existing roadway
  • Repairing 19 bridges, replacing 2 bridges, and building 1 new bridge
  • Building new Collector-Distributor roadways, flyover ramp
Project Link
HRTAC Projects
Project Details
TIFIA Assistance
$500.79M
Primary Revenue Pledge
Motor Fuel Tax Revenues
Project Cost
$1057.00M
Fiscal Year Closed
FY2020
Duration/Status
Construction underway, 2 segments have already opened to vehicular traffic (substantial completion). Anticipated completion of all segments is 9/2021.
Funding Sources
Senior Debt: $583 million (Par of $500 million)
Federal Funds: $168 million
State/Local: $222 million
TIFIA loan: $500.79 million
PayGo: $118 million
Project Delivery/Contract Method
Each of the subprojects was procured under a separate Design Build contract.

This was replaced by a $1.66 billion TIFIA loan in September 2021, combined with a $1.16 billion TIFIA loan for the Hampton Roads Bridge Tunnel. Replacement of the existing HRTAC loan will generate savings of approximately $50 million for HRTAC over the life of the loan enabling HRTAC to implement additional improvements and upgrades in their transportation network.
Project Participants
Public Sponsor: Hampton Roads Transportation Accountability Commission
Project Advisers/Consultants
To Borrower:
Financial Advisor: PFM
Legal: Kaufman & Canoles P.C.

To USDOT Build America Bureau:
Financial Advisor: Fieldman, Rolapp & Associates
Legal Advisor: Norton Rose Fulbright
Project Lender
USDOT
Credit Assistance Detail
Direct loan: up to $500.79 million. The TIFIA loan will be repaid from a gross pledge taxes (sale&use tax and motor fuel tax).

Financial Status
The TIFIA credit agreement was executed in December 2019.
Innovations
The Hampton Roads Transportation Accountability Commission (HRTAC) was created in 2014 and is empowered to procure, finance, build and operate highway, bridge and tunnel projects in Hampton Roads utilizing the Hampton Roads Transportation Fund (HRTF, created 2013 Acts of Assembly HB2313) and other revenue sources that may become available.

HRTAC utilizes the HRTF monies and tolls through its own adopted Program of Projects for construction projects on new or existing highways, bridges and tunnels and to issue bonds using revenues to support bond debt.
Application Details
LOI Received Date
Application Received Fiscal Year
FY2018
Credit Agreement Executed
Initial Eligibility Review
Review Complete
Creditworthiness Review
Review Complete
Application Review
Review Complete
Estimated Project Cost
$1057.00M
TIFIA Request
$503.00M
Instrument Type
Direct Loan