Virginia's I-66 project may be a P3

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Virginia's I-66 project may be a P3

The Virginia Department of Transportation (VDOT) is mulling a public private partnership (P3) for the Interstate 66 (I-66) project outside Virginia city's beltway.

At a Commonwealth Transportation Board meeting, VDOT commissioned Charles Kilpatrick announced that he plans to sign an an interim finding that a P3 may be in the public interest.

In addition Aubrey Layne, the state transportation commissioner, said that he welcomed the potential for a private partner for the project, but said the government keeps open the option of a publicly financed project.

The project would involves the construction of two HOT lanes and three regular lanes in each direction. The concession contract would not exceed 40 years.

The total project investment is estimated at US$2.1 billion. VDOT expects that the public contribution will be about US$600 million, which would be provided during the construction period.

The contract is expected to be awarded by 2016 and construction works could begin in 2017, with completion approximately five years later.

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