VDOT reaches tentative deal on expanding high-occupancy lanes
- December 6, 2011
The Virginia Department of Transportation has signed an agreement in principle with Fluor-Transurban on building more high-occupancy vehicle/high-occupancy toll (HOV/HOT) lanes on Interstate 95 in Northern Virginia.
VDOT and the company have established major tenets of a contract, a step that enables them to finalize the details of a $940 million deal.
Gov. Bob McDonnell said that, during construction, the project will create nearly 8,000 jobs and generate $2 billion in economic activity.
The project is being constructed under Virginia’s Public-Private Transportation Act. Fluor-Transurban will provide $843 million in financing while the state will contribute $97 million.
Construction activities may begin as early as next spring.
The project will expand existing HOV lanes on I-95 to create 29 miles of HOV/HOT lanes between Edsall Road in Fairfax County and Garrisonville Road in Stafford County.
Motorists will have an option to pay a toll to use the HOT Lanes, while carpools with three people or more and buses will have free access to the lanes.
To maximize the benefits of the HOT lanes network, the commonwealth will invest $200 million to expand bus service in Spotsylvania, Stafford, Prince William and Fairfax counties, and construct more than 3,000 new park-and-ride spaces.