REMARKS FOR
VADM THOMAS J. BARRETT, USCG (RET.)
DEPUTY SECRETARY OF TRANSPORTATION

VIRGINIA BELTWAY HOT LANES GROUNDBREAKING
TYSONS CORNER, VA

JULY 22, 2008
10:30 AM

Thank you, Secretary Homer, for that kind introduction.

It is a pleasure to be here today with all of you to celebrate the start of a project that will bring the freedom of free-flowing lanes to one of the nation's most congested highways.

Virginia continues to be a national leader in embracing innovative solutions to tackle congestion – solutions that are changing the way highway projects are financed and operated throughout the country.

One example is the new High Occupancy Toll (HOT) lanes that will give travelers in Northern Virginia a new choice for a congestion-free, dependable trip. These new lanes will provide a predictable commute for the mom or dad picking up a child from day care, for the worker trying to get to one more job, or for the parents who want to make sure they are there for the first pitch, not the last out, of the little league game.

HOT lanes are rapidly gaining popularity throughout the country, and we are confident more will come.

This Beltway expansion is also a prime example of the quiet revolution states are leading to use public-private partnerships to build and maintain highway infrastructure.

This project, which combines traditional federal and state funds along with private equity, is a model we expect to see more of in the future.

We believe in this project, so we have provided $1.2 billion in innovative loans and bonding authority to make it a reality.
Indeed, thanks to Virginia’s leadership, we will see more projects like this.

Today I am releasing a study that provides a comprehensive review of the many innovative finance projects that have been undertaken over the last several years.

It found that over the last three years, more transportation public-private partnerships like the one we are celebrating today have been completed than during any comparable period in U.S. history.

It noted further that there are currently more than 20 major highway and transit projects being conducted in partnership with the private sector at various stages of development in the United States in places like California, Kentucky, Louisiana, Nevada, Ohio, Texas, and many other states.

These partnerships are now widely recognized as an innovative approach that can reduce project costs, accelerate project delivery, and transfer risks to the private sector instead of the taxpayer.

But these benefits alone do not explain the growing number of public-private partnerships happening in the United States.

States are embracing this approach at a record pace because it can relieve congestion by substituting private capital for fuel tax revenue and help leaders tap into the more than $400 billion of private capital available globally today for investment in infrastructure.

We could stimulate more than the national debt by following in the Commonwealth’s lead and tapping into this vast pool of available transportation funds. By embracing the powerful mix of technology and private-sector resources, states across the country pretty soon are going to begin delivering predictable commutes, reliable roads, and safer highways.

On behalf of President Bush and Secretary of Transportation Mary Peters, I congratulate all the partners in this historic partnership. Thank you.

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