VTIB Finances $160 Million in Transportation Improvements

Governor Bob McDonnell announced on Wednesday that a critical link of Gloucester Parkway in Loudoun County and the Route 460 project in southeastern Virginia will move forward as a result of financing provided by the Virginia Transportation Infrastructure Bank (VTIB).

The Commonwealth Transportation Board (CTB) voted to approve applications for both projects, totaling $160 million, through the infrastructure bank. It issues low-interest loans to fast-track high priority projects. The infrastructure bank is part of the governor's $4 billion transportation package passed in 2011 by the General Assembly.

“Much needed transportation projects can accelerate toward construction with financial assistance from the Virginia Transportation Infrastructure Bank,” McDonnell said. “The bank provides a resource that public- and private-sector entities can use to finance projects so they can be built as soon as possible to relieve congestion, provide better transportation and stimulate the economy in the near-term instead of waiting years into the future.”

State Senator Mark Herring (D – Loudoun & Fairfax) also praised the decision and said, that advancing the construction will relieve congestion on Route 7, Route 28 and Waxpool Road and will improve the quality of life for thousands of Loudoun residents.

He proposed the establishment of a state transportation infrastructure bank in a letter to Governor McDonnell in November 2010. Creation of the infrastructure bank later became part of the Governor’s 2011 Transportation Package. In that letter, Senator Herring wrote that an infrastructure bank would: 

“[…] provide financing for qualified infrastructure projects throughout the state and leverage resources to stimulate public and private investment in infrastructure.  Funds could be used for the construction of roads bridges, public transit, and passenger and freight rail, with the criteria being congestion relief and economic development.  

"Special emphasis should be given to projects that support top state transportation priorities such as those projects that serve Dulles International Airport and the ports in the Hampton Roads region, Virginia’s two largest job generators and our gateways to the global economy."

The new loan will completely finance the three-phase project:

• Phase 1 – Extend Pacific Boulevard north at its intersection with Gloucester Parkway
• Phase 2 – Extend Gloucester Parkway west from its intersection with Pacific Boulevard to Loudoun County Parkway
• Phase 3 – Extend Pacific Boulevard north at Russell Branch Parkway and another extension south to Severn Way

Construction is scheduled to finish by the end of 2014.