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Projects
Chesapeake Expressway
Location Chesapeake, Virginia
Project Sponsor Virginia Department of Transportation
City of Chesapeake
Federal Highway Administration
Mode Toll Road
Description

The Chesapeake Expressway (Route 168) is a 16.5-mile road between the I-64/I-464 interchange and the North Carolina border. The facility includes three separate roadways: the Oak Grove Connector, a two-mile roadway beginning at the interchange of I-64/464; the Great Bridge Bypass, a four-mile roadway which includes the Hanbury Road Interchange; and the 10.2-mile southern section, which is tolled.

The toll road project was originally planned as a public-private concession under the Virginia Public-Private Transportation Act of 1995, but the state decided that the project could be completed more quickly if it were procured publicly backed by public debt. The details below refer to the tolled section.

Cost $116.8 million (tolled portion)
Funding Sources Revenue Bonds - $22 million (backed by toll receipts)
Virginia Toll Facilities Revolving Account loan - $39 million (backed by toll receipts)
State funds - $46 million (City of Chesapeake Urban Allocation Funds)
Federal funds - $9 million (Federal aid receipts)
Project Delivery/
Contract Method
Design-Bid-Build
Private Partner None
Project Advisors/
Consultants

Parsons Brinckerhoff
Public Financial Management, Inc.
Morgan Stanley

Lenders Bondholders
Duration / Status 1999 to 2001 (tolled portion)
Financial Status Closed
Innovations Interest rate achieved on the bond sale was among the lowest for similar toll facilities
Related Links / Articles Official Chesapeake Expressway Website
Roads to the Future Summary
Contacts Terry Herbert
Chesapeake Expressway Administrator
Tel: (757) 373-6545
Therbert@cityofchesapeake.net