I-495 HOT Lanes

• Virginia entered into PPP with Fluor - Transurban for 14 - miles of Beltway modernization and preservation

– Widen Beltway to 12 lanes

• 4 general purpose lanes on each side

• 2 HOT lanes in each direction

– Construct, operate, and maintain HOT lanes for 75 yrs with 5 yrs of construction(2008-13)

– VA retains ownership/oversight

- Total project cost $1.7 - $1.8 billion

• $1.3 billion committed by Fluor - Transurban

- Profit sharing and reimbursement agreements