Key highway concession in US
First publishedon www.WorldHighways.com
Work on an extension to the express lanes on the I-95 Interstate highway in the US will be carried by Fluor Enterprises and the Transurban Group. The two companies have a 76 year concession package to operate and maintain the toll road infrastructure for the section of I-95 under a joint venture arrangement, 95 Express, The 147km stretch of express lanes on the I-95 highway will be owned by The Virginia Department of Transportation (VDOT) however. Work on the US$925 million project is commencing in September 2012 and involves adding express lanes to Edsall Road in Fairfax County from Garrisonville Road in Stafford County. The construction work should be complete by 2014, along with the link to I-495. Financing worth $854 million is being provided by 95 Express and includes a $300 million Federal Government loan under the Transportation Infrastructure Finance and Innovation Act. Meanwhile public funds worth $71 million are being provided by VDOT.