| RELEASE: CONTACT: |
IMMEDIATE Tamara Neale 804-786-6458 Tamara.Neale@VDOT.Virginia.gov |
CO-0629 June 7, 2006 |
VDOT EXTENDS DEADLINE FOR NEW U.S ROUTE 460 PPTA PROJECT
Private sector proposals deadline is September 14, 2006
RICHMOND, June 7, 2006 – The Virginia Department of Transportation (VDOT) extended the deadline by three months, from June 14 until September 14, for the private sector to turn in conceptual proposals to build and operate a new Route 460 in southeastern Virginia. The deadline for proposals is extended at the request of a private entity interested in bidding on the project. By extending the proposal submission date, VDOT will provide for a more competitive environment.
The extension does not affect the June 2008 target date for completion of the procurement process under the Public Private Transportation Act (PPTA). During the review process, there will be opportunity for the public and local governments to share comments. The beginning of construction would be dependent upon the terms in the interim or comprehensive agreement.
VDOT solicited conceptual proposals from private entities to build the new east-west transportation link under the PPTA last February. The PPTA allows VDOT to partner with the private sector to build roads more efficiently.
The new route would extend 55 miles from I-295 in Petersburg to Route 58 in Suffolk. The new four-lane divided highway would be built south of the existing road, with nine interchanges at towns and major secondary roads.
The new road would be supported totally or substantially by private investments, user fees - including tolls - or other innovative financing methods. Presently there are no public funds programmed to support this project.
VDOT also encourages private entities to explore the potential of locally supported economic development opportunities to generate revenues to fund the project. Cost estimates for the project at this preliminary stage are approximately $500 million to $700 million.
For more information go to www.VirginiaDOT.org.
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The extension does not affect the June 2008 target date for completion of the procurement process under the Public Private Transportation Act (PPTA). During the review process, there will be opportunity for the public and local governments to share comments. The beginning of construction would be dependent upon the terms in the interim or comprehensive agreement.
VDOT solicited conceptual proposals from private entities to build the new east-west transportation link under the PPTA last February. The PPTA allows VDOT to partner with the private sector to build roads more efficiently.
The new route would extend 55 miles from I-295 in Petersburg to Route 58 in Suffolk. The new four-lane divided highway would be built south of the existing road, with nine interchanges at towns and major secondary roads.
The new road would be supported totally or substantially by private investments, user fees - including tolls - or other innovative financing methods. Presently there are no public funds programmed to support this project.
VDOT also encourages private entities to explore the potential of locally supported economic development opportunities to generate revenues to fund the project. Cost estimates for the project at this preliminary stage are approximately $500 million to $700 million.
For more information go to www.VirginiaDOT.org.
(END)
Page last modified: June 7, 2006
