CBBT Project Updates - $50 Million VTIB Loan Awarded for Project; Addendum No. 3; Comprehensive Agreement Available for Public Comment

CHESAPEAKE BAY
BRIDGE-TUNNEL

Parallel Thimble Shoal Tunnel

Project Connect

$50 Million Loan from the Virginia
Transportation Infrastructure Bank Approved for
Parallel Thimble Shoal Tunnel Project

On December 9, the Commonwealth Transportation Board approved a $50 million loan from the Virginia Transportation Infrastructure Bank ("VTIB") for the Chesapeake Bay Bridge-Tunnel's ("CBBT") Parallel Thimble Shoal Tunnel Project (the "Project").

The construction of an additional two-lane tunnel under the Thimble Shoal Channel will expand capacity and improve safety for travelers who utilize the CBBT and protect the economic competitiveness and livability of the region through enhanced resiliency as the CBBT serves as the sole connection between the Delmarva Peninsula and the Hampton Roads area.

"The approval of this loan is an important step in financing the construction of this project," said Jeff Holland, Executive Director of the CBBT. "The CBBT Commission appreciates the Commonwealth Transportation Board's investment in this transportation network. The funds received via this loan will displace more expensive revenue bond sources, lowering our overall cost of borrowing and saving money for the customers of the CBBT."

In addition to the VTIB loan, the new tunnel is expected to be funded through a variety of sources including toll revenue bonds, a federal TIFIA loan and the CBBT General Fund. The Project is currently being procured under a Design-Build methodology with final technical and price proposals due on April 29, 2016. Award of the Project is expected in May 2016 with design beginning thereafter.

The VTIB is a special, non-reverting, revolving loan fund designed to make low-interest loans and grants to localities, transportation authorities and private-sector partners for transportation projects.

PTST-15-2: Draft RFP for the Parallel Thimble Shoal Tunnel Project

Addendums No. 1, 2, and 3 have been issued as part of the Draft Request for Proposals for the Parallel Thimble Shoal Tunnel Project. To view the draft RFP and the additional information provided via addenda, please click on the links provided below:

Parallel Thimble Shoal Tunnel Project Comprehensive Agreement Available for Public Comment

In accordance with the Public Private Transportation Act of 1995, as Amended, and the Chesapeake Bay Bridge and Tunnel District Guidelines, effective May 12, 2015, the Chesapeake Bay Bridge and Tunnel District is accepting public comments on the draft Comprehensive Agreement. Click here to view the draft Comprehensive Agreement.

Public comments will be received until January 18, 2016. Comments should be submitted via email to: [email protected] or sent by U.S. Mail to: Chesapeake Bay Bridge and Tunnel, 32386 Lankford Highway, Cape Charles, VA 23310, Attn: Michael Crist.

This email is being sent to you as a result of your request to receive information and updates as it applies to the Chesapeake Bay Bridge-Tunnel's Parallel Thimble Shoal Tunnel Project. For more project information, please click here.