RICHMOND — The development of a direct connection between Richmond International Airport and the Pocahontas Parkway (Route 895) is a step closer today following the approval of a $150 million federal government loan to support construction of a planned connector road.

The federal loan will assist the Pocahontas Parkway’s private manager, Transurban, to construct a 1.6-mile road called the Richmond Airport Connector which will link the Pocahontas Parkway directly to Charles City Road and Airport Drive.

The funding will be provided through a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan – an innovative financing solution that Transurban, the Virginia Department of Transportation (VDOT) and the Federal Highway Administration (FHWA) have been working toward since Transurban took on management of the Pocahontas Parkway in June 2006.

“This funding agreement represents the creative partnerships between state, federal and private sector partners to deliver important transportation infrastructure improvements,” said Virginia Secretary of Transportation Pierce R. Homer. “We are pleased to have been able to work with Virginia’s U.S. Congressional delegation including Congressman Eric Cantor and Senator John Warner and with FHWA to make this Airport Connector financing come to fruition.”

“The Richmond Airport Connector was part of the original plans to provide motorists with direct access from Interstate 95 to the Richmond International Airport when the Pocahontas Parkway was completed,” said VDOT Commissioner David S. Ekern. “We expect that the Airport Connector will deliver faster travel times and improved access to the rapidly growing Richmond International Airport, further strengthening the economic development of the surrounding region and providing a timesaving link in this part of the Richmond metropolitan area.”

Transurban will construct, operate and maintain the Richmond Airport Connector, once project agreements with VDOT are completed.

“Pocahontas Parkway already serves as a shortcut to the airport, and with the addition of the Richmond Airport Connector, motorists will save even more time,,” said Michael Whelan, Transurban US regional operations manager. “Transurban is excited about the opportunity to deliver this important addition to the Richmond community.”

Richmond International Airport president and CEO Jon E. Mathiasen, AAE, notes that the connector is a crucial upgrade given that the airport has experienced 32 percent growth in passenger traffic over the past two years.

“One of the most attractive attributes of Richmond International Airport is its accessibility to the traveling public,” said Mathiasen. “Transurban’s efforts to complete the Pocahontas Parkway with the addition the Airport Connector ensures that customers traveling between RIC and the southern portion of the airport’s service area will enjoy convenient access for decades to come.”

Henrico County also welcomed the news of the Airport Connector’s construction, saying it would help support the ongoing commercial and residential growth of the county.

“The Airport Connector is an exciting development for our thriving airport. This addition reinforces there is strong interest in the region and further adds to the quality investment that is occurring in the eastern portion of the county”, said James B. Donati, Jr., Henrico County board of supervisors chairman and Varina district supervisor.

The toll for using the Airport Connector will be $1 when the road is opened in early 2010, in addition to the toll at the main toll point on the Parkway. Construction is expected to commence in early 2008.

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About TIFIA

For more information on the TIFIA program, visit tifia.fhwa.dot.gov.

About Transurban

Transurban Group is an international toll road investor and manager with offices in Richmond, Northern Virginia and New York. Transurban is a $7.3 billion company with more than 10 years of experience developing and operating complex toll road infrastructure.

The group has interests in seven key toll roads in Australia and the US, including Pocahontas Parkway in Richmond, and is working closely with VDOT on the development of a 70-mile network of High Occupancy Toll (HOT) lanes in Northern Virginia.

Transurban is listed on the Australian Securities Exchange, where it is ranked within the Top 50 companies.

For more information on Transurban, visit transurban.com and pocahontasparkway.com.

About VDOT

For more information on VDOT, visit VirginiaDOT.org.

About Richmond International Airport

For more information on Richmond International Airport, visit flyrichmond.com.

Page last modified: July 20, 2007