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United States Department of Transportation United States Department of Transportation

I-95 HOV / Hot Lanes Configure

I-95 HOT lanes
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Virginia Department of Transportation (VDOT); 95 Express Lanes LLC (the Concession Company and TIFIA borrower)
Project Description

The I-95 Express Lanes will be the second major step in creating a regional network of tolled managed lanes in Northern Virginia. The project consists of the development, design, finance, construction, maintenance and operation of 29.4 miles of High Occupancy Vehicle (HOV)/High Occupancy Toll (HOT) Lanes along I-95 and I-395 corridor in Northern Virginia, from Garrisonville Road in Stafford County to Edsall Road in Fairfax County over a 76-year concession period. The project is divided into four segments:

  • 8.3 miles of new construction - two-lane reversible (includes 7 new brides)
  • 7.0 miles of two-lane HOV conversion - two-lane reversible
  • 11.9 miles of two-lane HOV conversion - three-lane reversible
  • 2.2 miles of two-lane HOV conversion - three-lane reversible (including connection to 495 Express Lanes at the Springfield Interchange)

The development of the project supported approximately 7,500 full-time equivalent jobs annually through the three-year construction period. Now fully operational, the new managed lanes provide congestion relief and connectivity to users travelling to and from Tysons Corner and Washington, D.C., the major employment centers in the area, and five major military sites, including Fort Belvoir, Quantico Marine Corps Base, and the Pentagon, while providing a reliable pathway for transit vehicles and carpools to travel throughout the region. The reduced congestion and idling is estimated to reduce carbon dioxide emissions approximately 20 percent. Several other environmental benefits were achieved, as well, including decreased energy and water consumption.

Project Details
TIFIA Assistance
$300.00M
Primary Revenue Pledge
User Charges
Project Cost
$923.00M
Fiscal Year Closed
FY2013
Duration/Status
Construction began in August 2012. Project reached substantial completion as scheduled in December 2014.
Funding Sources
• TIFIA Loan: $300M
• Private Activity Bonds: $252.6M
• Commonwealth of Virginia Grant: $82.6M
• Private Equity: $280.4M
• TIFIA Capitalized Interest: $6.5M
• Interest Earnings: $0.5M
Project Delivery/Contract Method
DBFOM (Design-Build-Finance-Operate-Maintain)
Project Participants
Fluor Enterprises, Inc.; Transurban DRIVe
Project Advisers/Consultants
Virginia Department of Rail and Public Transportation
Fluor-Lane 95, LLC - Design-builder
To the Borrower:
• Scotiabank - Financial Advisor
• Orrick, Herrington & Sutcliffe LLP - Legal Advisor
To USDOT TIFIA JPO:
• Bryant Miller Olive, P.A. - TIFIA Legal Advisor
• Taylor De-Jongh - TIFIA Financial Advisor
To Public Sector Sponsor:
• KPMG - Financial Advisor
• Ballard Spahr LLP - Legal Advisor
• ATCS - Technical Advisor
Project Lender
Bondholders; USDOT TIFIA
Credit Assistance Detail
Direct loan: $300.0 million.
Financial Status
The TIFIA credit agreement was executed in November 2012. Interest repayment is set to begin in 2019 and principal repayment in 2035; final loan maturity is expected to occur in 2047.
Innovations
The Sponsors, together with VDOT, are also partners in the 495 Express Lanes project. The I-95 Express will be linked directly into 495 Express Lanes at the Springfield Interchange. The two projects have common traffic and tolling management systems and will share the same operations center/operator.
Application Details
Applicant
Transurban Fluor Special Purpose Vehicle
LOI Fiscal Year Received
FY2012
LOI Received Date
Estimated Project Cost
$927.00M
TIFIA Request
$350.00M