The U.S. Department of Transportation announced two low-interest loans totaling $97.6 million for the Virginia Commonwealth Transportation Board.
The two low-interest Transportation Infrastructure Innovation and Finance Act loans will cover a portion of the amount needed for improvements to Interstate 81, according to a Dec. 12 news release. The loans were issued to Virginia CBT, Virginia Department of Transportation's governing body.
"The department applauds Virginia's efforts to improve safety and reduce delays along the I-81 corridor," Deputy Transportation Secretary Polly Trottenberg said in the release. "We know rural areas not only have a disproportionately high rate of car crashes, they also often lack the resources to make improvements, which is why the Rural Project Initiative is so important to our broader efforts to reverse the crisis of roadway deaths happening all over the country."
The two loans will help pay for extension of acceleration/deceleration and merge/diverge areas, which is expected to make entering and exiting the interstate safer and more functional. Improvements along I-81 in Roanoke County, including additional lanes and bridge replacement, is part of the project, according to the release.
The funds are coming from the Build America Bureau, which helps communities across the nation reduce infrastructure costs by providing TIFIA loans and other financing at half the usual treasury rate and for nearly half the project costs, rather than the more customary 33%, the release reported.
"The Build America Bureau exists to help move projects of all sizes forward," Bureau Executive Director Morteza Farajian said in the release. "Bureau loans can range in size from $10 million up to billions depending on the size and characteristics of a project. Our team can help customize the most advantageous financing options for a single transportation project or a bundle of multi-modal improvements in urban, rural or Tribal communities."
Safety improvements along a 325-mile corridor on I-81 in Roanoke County, Va., includes connections for 30 colleges and universities, 21 cities and towns and 13 counties, according to the Improve 81 overview. Plans are for 64 program operating and capital improvements, including additional traffic cameras, changeable message signs, lane extensions, curve improvements and additional or widened lanes.
More than 11 million trucks travel the corridor each year and planned improvements are expected to significantly impact safety and reliability along what is a critical portion of the interstate, according to the website.
