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United States Department of Transportation United States Department of Transportation

Parallel Thimble Shoal Tunnel Project

CBBT Map
Alternate Project Name
Chesapeake Bay Tunnel, CBBT
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Chesapeake Bay Bridge and Tunnel District (CBBT District)
Project Description

The Project entails the construction of a 5,700 foot bored tunnel connecting two southbound trestles of the existing Chesapeake Bay Bridge and Tunnel, a 17.6-mile structure connecting the Norfolk/Virginia Beach areas to Virginia's eastern shore which first opened to traffic on April 15, 1964.  When complete, the new tunnel will carry two lanes of traffic southbound and the existing tunnel will carry two lanes of traffic northbound.

Project Details
TIFIA Assistance
$338.50M
Primary Revenue Pledge
Toll Revenues
Project Cost
$338.50M
Fiscal Year Closed
FY2017
Duration/Status
Substantial completion is expected in 2022.
Funding Sources
Senior Bonds: $321.5 million
TIFIA Loan: $338.5 million
CBBT District Contributions: $226.9 million
VTIB Loan: $50.0 million
Other sources: $137.1 million
Project Delivery/Contract Method
Design-Build
Project Advisers/Consultants
To CBBT District:

Financial Advisor – Public Financial Management, Inc.
Legal Advisors – Nixon Peabody, LLP
To USDOT Build America Bureau:

TIFIA Financial Advisor – Greengate, LLC
TIFIA Legal Advisor – Skadden, Arps, Slate, Meagher & Flom LLP
Project Lender
USDOT TIFIA, Virginia Transportation Infrastructure Bank (VTIB)
Credit Assistance Detail
Direct loan: $338.5 million.  The TIFIA loan will be repaid through a pledge of the project’s toll revenues.
Financial Status
The TIFIA credit agreement was signed on November 10, 2016. Principal repayment of the TIFIA loan will begin with substantial completion and will amortize through a 32-year maturity with the final maturity anticipated in 2054.