The U.S. Department of Transportation (USDOT) debuted a significant development for America’s roads and byways: the Build America Bureau is extending a $141 million low-interest loan to enhance the safety and traffic flow on Interstate 64 in Virginia’s Hampton Roads region. This loan, facilitated through the Hampton Roads Transportation Accountability Commission (HRTAC), serves the interests of the Virginia Department of Transportation (VDOT).
The Build America Bureau is pivotal in assisting communities across the nation by offering Transportation Infrastructure Finance and Innovation Act (TIFIA) loans and various financing opportunities, expediting infrastructure initiatives, and mitigating project expenses.
Spanning Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg, Hampton Roads is set to undergo a comprehensive $445 million project within the framework of the Hampton Roads Express Lanes Network—an extensive 45-mile system of uninterrupted express lanes along I-64.
“This project will eliminate a key regional supply chain bottleneck and has vast economic and job creation potential by providing a consistently reliable connection to Virginia’s port system, the third largest on the East Coast,” said Polly Trottenberg, deputy transportation secretary. “Additionally, the project will enhance safety by improving the emergency evacuation route for the region.”
Focused on “Segment 4C,” a critical 2.5-mile stretch from LaSalle Avenue to Settlers Landing Road, the endeavor is primed to introduce a full-time express lane, a part-time express lane, and two general-purpose lanes in both directions. Notably, Hampton Road Transit buses will have dedicated lanes, contributing to reduced carbon emissions and expedited travel times, which are expected to range from 10 to 15 minutes in both express and general-use lanes.
“Virginia’s innovative financing approach is helping to deliver these overdue improvements at a lower cost,” said Morteza Farajian, Build America Bureau executive director. “Additionally, with over 80,000 active-duty military personnel at eight installations in Hampton Roads, improving regional mobility is critical to national security.”
Source: The Trucker