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United States Department of Transportation United States Department of Transportation

Transform 66 - Outside the Beltway

A road map showing the extent of the Transform 66 project
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Virginia Department of Transportation / I-66 Express Mobility Partners LLC
Project Description

The Project involves a major interstate expansion and construction of managed tolled lanes under a Public-Private Partnership 50-year concession arrangement granted by the Virginia Department of Transportation for approximately 22.5 miles of Interstate-66 in Northern Virginia.

This section of I-66 currently has between two to three general-purpose lanes (the section with three general-purpose lanes begins west of Route US-50) and one rush hour high-occupancy vehicle lane.  The Washington Metropolitan Area Transit Authority Metrorail runs through the median of I-66 from the Capital Beltway to the Vienna/Fairfax Metro Station.

The Project intends to address a critical need for transportation improvements.  The Project area currently experiences peak congestion periods of four to five hours per day, travel speeds that can drop to as low as 10-15 mph and over 220,000 vehicles per weekday (in the Fairfax County portion).  The Project area has higher than Virginia average crash rates, few alternative single occupant vehicle routes and a growing regional population.

The purpose of the Project is to reduce congestion, increase mobility, and optimize the operations of a major interstate highway.  The Project is expected to not only substantially improve the traffic flow and provide congestion-free travel along the Express Lanes, but also to enhance quality of life by encouraging carpooling and reducing demand on local streets.

The Project seeks to mitigate I-66 corridor congestion and deficiencies by providing the following:

  • Two tolled, managed express lanes (“Express Lanes”) in each direction;
  • The expansion to three general-purpose lanes in each direction for the length of the Project; and
  • The expansion of park and ride facilities, including over four thousand parking spaces, with direct access to the new Express Lanes.

The Project will also include the design, construction and/or relocation of certain interchanges, bridges and utilities (including full connectivity at the Capital Beltway intersection), improvements to auxiliary and bike lanes, and the design, installation and operation of a dynamic, electronic toll collection system.

Project Details
TIFIA Assistance
$1229.00M
Primary Revenue Pledge
Toll Revenues
Project Cost
$3724.00M
Fiscal Year Closed
FY2018
Duration/Status
Substantial completion expected in December 2022.
Project Delivery/Contract Method
DBFOM P3
Project Participants
Public Sponsor: Virginia Department of Transportation, Design-Builder: Ferrovial Agroman US Corp. and Allen Myers VA, Inc. , Equity members: Meridiam Infrastructure North America LLC, Cintra Global Ltd., and Cintra Infrastructures S.E.
Project Advisers/Consultants
To USDOT Build America Bureau:

TIFIA Financial Advisor: Scully Capital Services, Inc.
TIFIA Secondary Financial Advisor:  Project Finance Advisory Ltd.
TIFIA T&R Risk Advisor:  Booz Allen Hamilton
TIFIA Legal Advisor: Skadden Arps Meagher & Flom, LLP
Project Lender
USDOT, Bondholders
Credit Assistance Detail
Direct loan: Up to $1.229 billion.  The TIFIA loan is secured by net toll revenues.
Financial Status
TIFIA Credit Agreement signed on November 7, 2017.
Application Details
Applicant
Virginia Department of Transportation
LOI Fiscal Year Received
FY2015
LOI Received Date
Application Received Fiscal Year
FY2017
Credit Agreement Executed
Initial Eligibility Review
Review Complete
Creditworthiness Review
Review Complete
Application Review
Review Complete
Estimated Project Cost
$2200.00M
TIFIA Request
$725.00M
Instrument Type
Direct Loan