$4 Billion for Transportation
Just a few hours ago Governor McDonnell stood at a construction site along I-295 in Chester to sign into law the most significant investment in the Commonwealth’s transportation system in a generation. The Governor’s legislation will pump nearly $4 billion into Virginia’s road, rail and transit networks - and fund more than 900 individual projects - over the next three years without raising taxes.
In fact, the construction site that hosted today’s event, the Meadowville Interchange, is one of the 900 projects benefiting from this sweeping legislation. Independent estimates predict that construction of the 900 projects will grow the Virginia economy by over $13 billion and support an additional 100,000 jobs.
The following projects are examples of the more than 900 that will be funded by the McDonnell transportation plan:
- Widening of I-66 from Gainesville to Haymarket and the installation of an active traffic management system on I-66 to dynamically control lanes to reduce congestion;
- Major interchange improvements on I-64, I-81 and I-95, in Frederick, Augusta, Stafford, and Louisa Counties;
- Widening Route 7 in Loudoun County;
- Rebuilding the Route 460 Southgate Avenue intersection in Montgomery County;
- Widening Lynnhaven Parkway, Holland Road and Witch Duck Road in Virginia Beach, as well as replacing the Lesner Bridge;
- Investments in Washington Metro, Hampton Roads Light rail, and other transit providers, including VRE to extend to Spotsylvania County;
- Several Route 58 Corridor projects;
- Advancing PPTA projects such as the widening of Dominion Boulevard in Chesapeake; the constructing of a new tube for the Midtown Tunnel between Norfolk and Portsmouth; advancing the HOV/HOT lanes on I95 in Northern Virginia; and construction of a new Route 460 from Suffolk to Petersburg.
I have included an article below that includes more details on the historic bill signing. Please pass this around to your friends, family and colleagues, and thank you very much for your continued support!
It’s official: McDonnell inks $4B roads plan
By: David Sherfinski 04/18/11 2:47 PM
Virginia Gov. Bob McDonnell - on the site of a construction project under way, no less - officially signed into law on Monday a plan to infuse Virginia’s ailing transportation infrastructure with $4 billion over the next three years.
"It has been over 20 years since we have made a major investment in our transportation system," he said. "For far too long Virginians sat stuck in traffic while partisan politics put the brakes on progress."
The governor said that 900 projects stand to benefit from the funding, which in Northern Virginia includes the widening of Interstate 66 from Gainesville to Haymarket and the widening of Route 7 in Loudoun County.
The package drew criticism from some lawmakers for its reliance on borrowed money, but it marked a major legislative victory for McDonnell during his second legislative session.
The governor has repeatedly made the case that with historically low interest rates and the state’s need for jobs, now is exactly the time to be investing in the state’s transportation infrastructure.
The plan involves about $3 billion in bonds, and creates a new transportation infrastructure bank to provide low-interest loans and grants to localities. The bank is to be initially funded with about a quarter million dollars from last year’s surplus funds, as well money uncovered in a Virginia Department of Transportation audit.
Photos Courtesy of Tom Saunders, Virginia Department of Transportation