Procurement Status - Phase Five

Negotiations

Commonwealth Transportation Commissioner approved the advancement of the conceptual proposal, submitted by Elizabeth River Crossings, LLC (ERC), and directed staff to begin negotiations for an interim agreement.  This next stage of procurement is designed to further develop information needed to determine project feasibility and whether to advance the project to a comprehensive agreement.

Components of the negotiations for the interim and/or the comprehensive agreement will, among other things, outline the rights and obligations of the parties, set a maximum return or rate of return to the private entity, determine liability, and establish dates for termination of the private entity's authority and dedication of the facility to the Commonwealth.