The financing consists of two TIFIA direct loans to HRTAC for up to $1.16 billion to finance up to 33 percent of the approximately $4-billion eligible costs for the new HRBT Project, supported by the Hampton Roads Trust Fund (HRTF) and toll revenues.
The financing will also replace the existing $501-million TIFIA loans to HRTAC Regional Priority Project, which is a combination of six sub projects: I-64 Peninsula Widening (Phases I, II, and III), I-64/I-264 Interchange Improvements (Phases I and II), and I-64 Southside Widening and High Rise Bridge Improvements located in the Hampton Roads, Virginia, region. 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.
The HRBT Project is one of the Regional Priority Projects to create an eight-lane facility with six consistent lanes for approximately 10 miles. The expanded facility will include four general purpose lanes, two new High-Occupancy Toll (HOT) lanes, and two new drivable shoulders to be used as HOT lanes during certain times of the day. It is anticipated that the HOT lanes will be incorporated into the Hampton Roads Express Lane Network. The project will include the construction of two new two-lane tunnels, expansion of the existing portal islands, and full replacement of the existing trestle bridges at the HRBT.
The HRBT project benefits include: increasing mobility in the region and reducing congestion, creating construction jobs and encouraging regional development; improving safety by improving evacuation routes in case of disaster; and providing additional capacity for quick and efficient deployment of military personnel while minimizing the impact to civilian traffic.
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