On Thursday, the Commonwealth of Virginia chose a building partner to transform 22.5 miles of I-66 outside the Beltway, from I-495 to Haymarket.
Express Mobility Partners will finance, design, build, maintain and operate the project under the state’s Public-Private Transportation Act. Project construction will begin in 2017 and the express lanes are scheduled to open to traffic in mid-2022.
Two express lanes will be built alongside three regular lanes in each direction, with space in the median for future transit. Vehicles with three or more people will travel the express lanes for free, while all other drivers have the choice to use the express lanes when paying a variable toll or to use the general purpose lanes free to all traffic.
The following are some of the business terms between the state and Express Mobility Partners:
- Express Mobility Partners will have the right to collect and set dynamic tolls (tolls change based on traffic conditions) on the I-66 Express Lanes for 50 years.
- Express Mobility Partners will be responsible for all costs to design, build, operate and maintain the I-66 Express Lanes, without any upfront public contribution.
- Express Mobility Partners will provide $500 million to the commonwealth.
- Express Mobility Partners will contribute $800 million over the next 50 years to build and operate transit projects in the I-66 corridor.
- Express Mobility Partners will provide $350 million over the next 50 years to the Northern Virginia Transportation Authority for future additional projects to reduce congestion in the I-66 corridor.
- 13 new and improved transit routes and more than 4,000 new park-and-ride spots.
- Corridor-wide bike and pedestrian improvements.
- Safety improvements at key interchanges throughout the corridor.