Virginia Transportation Infrastructure Bank

Chapters 830 and 868 of the 2011 Acts of Assembly created the legal framework for the Virginia Transportation Infrastructure Bank (VTIB, or the bank).  

VTIB is a special non-reverting, revolving loan fund that is a sub-fund of the Transportation Trust Fund.  

The bank was created for the purpose of making loans and other financial assistance to localities, certain private entities and other eligible borrowers and grants to localities to finance transportation projects.  

As provided in §33.1-23.6 of the Code of Virginia, the act and the bank are intended to alleviate, in part, a critical need for additional sources of funding to finance present and future needs of the Commonwealth of Virginia for the design and construction of roads and highways. This includes including toll facilities, mass transit, freight, passenger and commuter rail, including rolling stock, port and airport and other transportation facilities.  

The purpose of the bank is also to encourage the investment of both public and private funds in the development of eligible transportation projects and to provide an alternative source of financing for present and future transportation needs in the commonwealth.

The management agreement, program guidelines, and selection criteria for the VTIB have been approved by the Commonwealth Transportation Board (CTB).  The program overview, program guidelines and selection criteria are provided.

Interested parties should contact John W. Lawson, chief financial officer, at 804-786-2707 or john.lawson@vdot.virginia.gov.

Virginia Transportation Infrastructure Bank criteria and guidelines (PDF, 137 KB)

Approved Awards from the Virginia Transportation Infrastructure Bank

Project Entity Scoring Amount

CTB Action

Loan Closing Status

Route 17/Dominion
Boulevard Project
City of
Chesapeake
30
of 37
points

$151,893,945
Loan

CTB Approval,
January 18, 2012

Closed
Pacific Boulevard Extension Project
(Amended Application)
IDA of
Loudoun County
30
of 37
points
 
$36,000,000
Loan
CTB Approval
- April 17, 2013
Closed

Rt. 460 Corridor
Improvements Project

OTP3/TBD
Concessionaire

28
of 37
points

$80,000,000
Line of Credit

CTB Approval,
June 20, 2012

Closed

 

Page last modified: March 14, 2014