Parkway Payoff
by Brian Fortner, Contributing Editor;Serial Information: Civil Engineering—ASCE, 2001, Vol. 71, Issue 12, Pg. 66-71
Document Type: Feature article
Abstract:
A massive cast-in-place segmental bridge over the James River is the most noticeable part of the $325 million Route 895 toll road project in Richmond, Virginia, but the most innovative component is how the Virginia Department of Transportation is paying for it. The Virginia Department of Transportation (VDOT) began preliminary design for the roadway in the early 1990s but lacked the necessary funding for right-of-way acquisition and construction. The project was put on a shelf and most likely would not have been approved for funding until around 2007, when more urgent transportation projects in the state were completed. In 1995, however, the Virginia legislature passed the Public-Private Transportation Act (PPTA), which allows private companies to finance public transportation projects. In the case of the Pocahontas Parkway, the private entity�Fluor Daniel-Morrison Knudsen LLC (FD/MK)�was able to finance the project with tax-exempt bonds that will be paid off with toll revenue. The 9-mile (14 km) long Route 895 project, also known as the Pocahontas Parkway, will be finished 15 years ahead of schedule.
Subject Headings: Project management | Tolls | Private sector | Highway and road design | Financing | Bridge components | Scheduling
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