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    Document Summary
    - Report Published -

    House Document No. 3
    PUBLICATION YEAR 2008

    Document Title
    Executive Summary of the U. S. Route 460 Communications Committee (HJR 75, 2006)

    Author
    U.S. Route 460 Communications Committee

    Enabling Authority
    HJR 75 (Regular Session, 2006)

    Executive Summary
    The Committee held only one meeting during 2007 (September 26). At that meeting, Virginia Department of Transportation (VDOT) staff provided the Committee with a brief overview of the history of the U.S. Route 460 Project and discussed the three proposals received for the project. Here is a brief comparison of the proposals received from Cintra 460, Itinere, and Virginia Corridor Partners (VCP).

    Cintra 460

    Concession period: 50 years
    Est. Completion: Jan. 2014
    Est. DB price: $1,051M (2006)
    Public funding: $174.5M (base case)
    Other funding: TIFIA loan $450M
    Toll rate: $0.07 to 0.24/mile
    Equity contribution: "provide equity in substantial amounts"
    _____________________________________________________________
    Itinere

    Concession period: 60 years
    Est. Completion: Dec. 2013
    Est. DB price: $1,550M (2006)
    Public funding: State/Federal - $1,056M
    Other funding: Private activity bonds - $477M, TIFIA - $144M
    Toll rate: $0.14/mile
    Equity contribution: $98M
    _____________________________________________________________
    VCP

    Concession period: 50 years
    Est. Completion: June 2014
    Est. DB price: $1,535M (2006)
    Public funding:
    Other funding: Private activity bonds - $1,849M, TIFIA - $219M
    Toll rate: $0.24/mile
    Equity contribution: $363M for base case
    ____________________________________________________________

    VDOT staff also reported that the Independent Review Panel (IRP) charged with evaluating the competing proposals had recommended (i) that all three proposals be advanced, (ii) that I-64 be developed as a project independent of Route 460 project, (iii) that there be coordination with the Hampton Roads Transportation Authority, and (iv) that a request for detailed proposals (RFDP) be submitted after each Metropolitan Planning Organization (MPO) has taken action to include the project in its constrained long range plan. VDOT staff explained that the CTB met in July 2007 and adopted a resolution to advance all three proposals and to accept the IRP recommendations, with the following exceptions: remove requirement that I-64 be developed as a PPTA and restate CTB financial support for the project from "will" to "may" support allocations to advance project. VDOT will make its request for detailed proposals (RFDP) in the Fall of 2007. The detailed proposals will be due in Spring of 2008 and negotiation and execution of an interim or comprehensive agreement will occur in Fall of 2008.

    The Committee does not plan to submit a formal report to the 2008 Session. The only draft legislation it will offer during the 2008 Session will be legislation to, again, extend the mandate of the Committee.