Virginia governor Bob McDonnell says the state has reached a $1 billion deal with a private contractor for Northern Virginia's Interstate 95 HOT lanes project.
Under the deal announced today, private contractor Fluor-Transurban would finance 90 percent of the $940 million project to build High Occupancy Toll lanes on I-95, with the rest of the money coming from the state. The contractor would recoup its investment by collecting the tolls.
"The project will bring congestion relief and new travel choices to Northern Virginians," McDonnell said in a release. "It will also provide an economic boost by supporting nearly 8,000 jobs over the construction period and stimulating $2 billion in economic activity."
The existing HOV lanes on I-95 in northern Virginia would be extended south to Garrisonville Road in Stafford County. Carpoolers with three or more people could use the lanes for free, while other riders would pay tolls to use the lanes. HOT lanes construction is already under way on the Capital Beltway.
Construction on the I-95 project could begin in mid-2012.