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IMMEDIATE Joan Morris 703-383-2465 |
NOVA-NV03-07 Jan. 24, 2003 |
Federal Highway Administration Approves Springfield Interchange Financial Plan
The Federal Highway Administration has approved the Virginia Department of Transportation’s (VDOT’s) comprehensive financial plan for the Springfield Interchange Improvement Project. The plan was recommended in a report released last November by the U.S. Department of Transportation’s inspector general. The plan provides detailed cost estimates to both finance and complete the project that will improve safety and traffic flow at one of the busiest interchanges on the East Coast.
“This financial plan fairly and accurately presents the financial position of the Springfield Interchange Improvement Project, its cash flows, and construction schedule,” said Commonwealth Transportation Commissioner Philip A. Shucet. “The cost data in the plan provides an accurate accounting of costs incurred and includes a realistic estimate of future costs based on engineers’ estimates and expected construction cost-escalation factors.”
Last month, Gov. Mark Warner announced a series of proposals that were included in his legislative agenda to reform VDOT. Legislation has been introduced in the Virginia General Assembly that requires adoption of a detailed financial plan for any transportation project over $100 million.
“The Springfield Interchange financial plan reinforces VDOT’s accountability,” said Gov. Warner. “I am committed to ensuring that VDOT completes transportation projects on time and on budget.”
The $676 million project is on schedule for completion in 2007. “The project cost is a budget, not an estimate, and the date for completion is a deadline, not a schedule,” said Shucet.
The project is now more than half complete with design for the final phases about 90 percent complete. Construction began in 1995 and involves building more than 50 bridges and widening key segments of I-95 between the Capital Beltway and Franconia Road. Phases II and III were completed in 2001, seven months ahead of schedule. Work is now focused on the Beltway and I-395.
A copy of the plan is available at Springfield Interchange Financial Plan pdf, 1.7MB..
“This financial plan fairly and accurately presents the financial position of the Springfield Interchange Improvement Project, its cash flows, and construction schedule,” said Commonwealth Transportation Commissioner Philip A. Shucet. “The cost data in the plan provides an accurate accounting of costs incurred and includes a realistic estimate of future costs based on engineers’ estimates and expected construction cost-escalation factors.”
Last month, Gov. Mark Warner announced a series of proposals that were included in his legislative agenda to reform VDOT. Legislation has been introduced in the Virginia General Assembly that requires adoption of a detailed financial plan for any transportation project over $100 million.
“The Springfield Interchange financial plan reinforces VDOT’s accountability,” said Gov. Warner. “I am committed to ensuring that VDOT completes transportation projects on time and on budget.”
The $676 million project is on schedule for completion in 2007. “The project cost is a budget, not an estimate, and the date for completion is a deadline, not a schedule,” said Shucet.
The project is now more than half complete with design for the final phases about 90 percent complete. Construction began in 1995 and involves building more than 50 bridges and widening key segments of I-95 between the Capital Beltway and Franconia Road. Phases II and III were completed in 2001, seven months ahead of schedule. Work is now focused on the Beltway and I-395.
A copy of the plan is available at Springfield Interchange Financial Plan pdf, 1.7MB..
Page last modified: Jan. 27, 2003
