Norfolk, Va. - A financial plan for improvements to Hampton Roads bridges and highways has been submitted to the Hampton Roads Transportation Accountability Commission.
The plan, which was prepared by independent financial advisers at The PFM Group, was publicly presented on November 17th.
Included in the plan are nine transportation projects across Hampton Roads that the Hampton Roads Transportation Planning Organization previously endorsed for funding (noted by *), plus two others.
- Hampton Roads Bridge-Tunnel
- High Rise Bridge expansion*
- Three segments of I-64 widening on the Peninsula*
- Monitor-Merrimac Bridge-Tunnel expansions*
- Patriots Crossing Construction*
- Route 460/5813 Connector Construction*
- Conversion of I-264 HOV lanes to HOT (High Occupancy Tolling) lanes
Five of the projects would require tolling after construction is completed to close the funding gap -- the High Rise Bridge expansion, the HRBT, the MMMBT, the new Patriots Crossing, and the Route 460/58/13 connector. The total estimated costs of those projects range from $300 million to nearly $5 billion (with adjustments for inflation.)
The other six projects wouldn't require tolling.
Six financing scenarios were outlined in the report. Four outline tolling all lanes (either $1-$2) on the High Rise Bridge, Patriots Crossing, HRBT, MMMBT and the HOT lanes on the Rt. 460/58/13 Connector. Two of those plans suggest peak & off-peak tolling prices ($1/$1.50 or $2/$3.50) at the HRBT.
Another scenario outlines implementing a fixed $2 toll at the Patriots Crossing and tolling only the HOT lanes on I-64, High Rise Bridge, HRBT, MMMBT and Rt. 460/58/13 Connector.
The final scenario outlines only implementing a $2 fixed toll at the Patriots Crossing.
The plan states that the projects suggested for tolling would not be financially feasible without the tolling options. They also note that in order to have all of the transportation projects completed by 2040, tax revenue would need to increase or more grant funds would need to be obtained.