September 2007
The Commonwealth of Virginia and its private partners, Fluor and Transurban, have reached an in-principle agreement for the design, construction, operation and maintenance of the Capital Beltway HOT lanes.
VDOT and Fluor-Transurban plan to finalize the agreement over the coming months, with financial close expected by the end of the calendar year.
The in-principle agreement requires Fluor-Transurban to do the following:
• Finance and build a 14-mile stretch of HOT lanes (two lanes in each direction) on the Capital Beltway, based on a fixed-price, fixed-time design-build contract
• Take responsibility for the cost and management of all operations and maintenance of the HOT lanes for a period of 75 years following completion of construction
• Share revenues with the Commonwealth if the facility exceeds expectations
• Impose congestion toll pricing to ensure free flow traffic conditions
• Ensure that HOV vehicles, transit and commuter buses travel for free
• Return the HOT lanes to the Commonwealth in good order at the end of the agreement.
The Commonwealth of Virginia will:
• Retain ownership and oversight of the HOT lanes
• Provide a financial grant to the project to support the construction of key elements including the final phase of the Springfield Interchange, improvements to the I-66 interchange, and reconstruction of a number of adjacent bridges and overpasses
• Provide police and emergency services to the project
• Maintain control of the HOT lanes should the lanes be required during an emergency evacuation.