Richmond -- Governor Bob McDonnell this week announced that the Virginia Department of Transportation (VDOT) and Elizabeth River Crossings LLC (ERC) have agreed on the major business points for the Downtown Tunnel/Midtown Tunnel/Martin Luther King Extension Project connecting Norfolk and Portsmouth.
Agreement on the major business points of the transaction paves the way for VDOT and ERC to finalize the detailed terms of the comprehensive agreement and the financing package for the $1.9 billion project. It is anticipated that the comprehensive agreement will be signed by the end of 2011.
"This project will bring needed improvements to the transportation infrastructure of Hampton Roads, which will connect citizens with their jobs, families and activities," the governor said. "It will also provide easier access to our military bases and the Port of Virginia that will increase security and commerce in the region; this critical improvement is long overdue."
The public-private agreement will advance this project years before the Commonwealth could afford to complete the work on its own, McDonnell said.
In the agreement, the Commonwealth of Virginia will retain ownership and oversight of the project and provide $395 million in financial support for the construction of the facilities.
The presentation is available on the CTB website www.ctb.virginia.gov/. For more information about the Downtown/Midtown/MLK project, visit www.midtowntunnel.org. For more on the Commonwealth's PPTA (Public-Private Transportation Act) program, visit www.vappta.org/.