 |
 |
| 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
News Release: Toll Revenue Bond Sale
Roads to the Future Summary |
| Contacts |
Terry Herbert
Chesapeake Expressway Administrator
Tel: (757) 373-6545
Therbert@cityofchesapeake.net
|