Richmond -- The leading organizations representing Virginia's transportation construction industry as well as business associations and six chambers of commerce across the state today announced their support of Gov. Bob McDonnell's transportation funding plan.
The endorsement was issued as a joint release from 26 business and transportation associations.
McDonnell has proposed investing $4 billion to accelerate road, transit and rail projects in the Commonwealth over the next three years. If fully implemented the proposals could add much needed capacity to Virginia's transportation network and create jobs in the process.
"We believe that creative use of existing revenues to capitalize the proposed Virginia Transportation Infrastructure Bank and the prudent use of bonds will help address the Commonwealth's chronic transportation infrastructure needs," the joint statement said.
A limited use of bonds would allow the Commonwealth to leverage and make some of its scarce transportation resources go further. All bonds proposed would use debt allocations already authorized under current Virginia law. The bond packages would be serviced by existing revenue streams. The use of toll credits would leverage these dollars and will free-up state revenues to fund new projects.
McDonnell said his initiative is a short-term infusion of money into Virginia's aging infrastructure system – a system will need at least $1 billion annually in new, recurring revenues to sustain it.
"The Commonwealth must invest additional funds into its transportation system," the joint statement said. "We appreciate Gov. McDonnell's proposals to jump-start a number of critical transportation projects that will put many Virginians back to work as well as his ongoing commitment to secure a long-term funding solution for the Commonwealth. We look forward to continuing to work with and help him fulfill that commitment to the citizens of the Commonwealth."
The supporters of the Governor's transportation plan include: the Virginia Transportation Construction Alliance; Old Dominion Highway Contractors Association; Northern Virginia Transportation Alliance; County Chamber of Commerce; Home Builders Association of Virginia; Virginia Railroad Association; Heavy Construction Contractors Association; Prince William Chamber of Commerce; American Council of Engineering Companies of Virginia; Hampton Roads Transit; Virginia Association for Commercial Real Estate; Greater Richmond Chamber of Commerce; Associated Builders and Contractors-Virginia Chapter; Hampton Roads Association for Commercial Real Estate; Roanoke Regional Chamber; Richmond Area Municipal Contractors Association; NAIOP Northern Virginia, the Commercial Real Estate Development Association; Arlington Chamber of Commerce; Virginia Asphalt Association; Virginia Transit Association; Associated General Contractors of Virginia; Springfield Chamber of Commerce; Washington Airports Task Force; Virginia Ready Mix Concrete Association; American Concrete Pavement Association-Mid Atlantic Chapter; and the Northern Virginia Building Industry Association