Virginia's Office of Public-Private Partnerships (VAP3) has identified a total of seven candidate projects to be developed through public private partnership (PPP) models.
The pipeline has been developed to serve as a flexible planning tool for identifying and screening potential PPP projects. The seven candidate projects announced are the following:
- Hampton Roads Crossing Improvements - Comprised of improvements associated with the Third Crossing project, including the Third Crossing and the Hampton Roads Bridge Tunnel. Hampton Roads Transportation Accountability Commission assessment of their project priorities, as detailed in resolutions from their June 2013 Board meeting will be critical to determine appropriate focus of PPTA assessment. Currently completing a Congestion Pricing Study as well as advancing toward a National Environmental Policy Act (NEPA) approval by the Federal Highway Administration.
- Route 460 / 58/13 Connector - Exploring the feasibility of upgrading the existing US Route 460/58/13 from Bowers Hill to the eastern end of Suffolk Bypass. Also to include consideration of improving the section to interstate standards, adding managed lanes and improving accessibility to/from SPSA Regional Landfill and Hampton Roads Executive Airport. The project is estimated to cost US$150 million and will improve safety along the corridor and an enhanced evacuation route for the area.
- Advertising Opportunities - While there have been use of sponsored advertising at Rest Areas, there may be other opportunities with state owned vehicles, facilities and buildings to be explored that could provide potential sources of revenue.
- Interstate Lighting - Many of the 36,000 of Virginia's interstate lights are older, inefficient, and costly. P3 evaluation would seek to replace outdated lights with energyefficient LED lights, as well as maintain those fixtures over a contract term.
- New Customer Service Facilities - Seeking opportunities for additional DMV customer service facilities and commercial driver's license and motorcycle testing facilities. Recent changes in federal requirements related to maximum hours driven and modifications to the actual testing will require larger facilities for commercial driver's license testing.
- Toll Credits - VAP3 is researching the toll credit marketplace pilot program implemented under the "Developing a Reliable and Innovative Vision for the Economy Act" (DRIVE Act), to reauthorize Federal-aid highway and highway safety constructions programs. The Drive Act provides for the establishment and implementation of a toll credit marketplace pilot program. The program's purpose would be to identify whether a monetary value can be assigned to toll credits and to determine if the purchase of toll credits provides flexibility to deal with funding challenges under the federal aids program. A toll credit is a financing tool, approved by the Federal Highway Administration that allows states to use federal obligation authority without the requirement of non-federal matching dollars (state "soft match"). Credits are earned when the state, a toll authority, or a private entity funds a capital transportation investment with toll revenues earned on existing toll facilities, excluding revenues needed for debt service, returns to investors or the operation and maintenance of toll facilities. Virginia currently has a surplus of over $1.3 billion in toll credits.
- Regional Airport runway maintenance - Runways throughout the Commonwealth of Virginia are typically milled and repaved utilizing limited funds from the Department of Aviation. The potential exists to work with the private sector to have the necessary maintenance completed, with repayment completed via short-term private financing taken out by the private sector utilizing a Design-Build Finance delivery model.
Additionally the VAP3 has identified 8 P3 Conceptual Projects which require further scope definition or additional financial program research to determine whether they should be moved forward as Candidate P3 projects.