How the Center for Innovative Finance Support Office Does Business...
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About Us |
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Capacity Building |
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Outreach/Awareness |
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Research |
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Technical Assistance |
Location |
Fairfax and Loudoun Counties, Virginia |
Project Sponsor / Borrower |
Phase 1: Commonwealth of Virginia Phase 2: Fairfax County and Loudoun County |
Program Areas |
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Mode |
Highway |
Description |
In 1987, the Virginia General Assembly gave localities the ability to create special tax districts to finance transportation improvements. The same year, property owners along the Route 28 corridor within Fairfax and Loudoun Counties agreed to form the Route 28 Transportation Improvement District, which established a special assessment on property tax - a first of its kind in the Commonwealth. The two counties enacted a special levy of $0.20 per $100 valuation on all commercial and industrial property inside the 10,204-acre district along the Route 28 corridor. Bonds were issued in 1988 to fund construction, serviced by the special district's tax revenue, and guaranteed by the Commonwealth. Phase 1, which included widening to six lanes along 14 miles of Route 28 from Route 7 in Loudoun County to I-66 in Fairfax County and the reconstruction of three major interchanges, was completed in 1991. In 2002, Clark Construction Group and its subsidiary, Shirley Contracting Company LLC, joined in a public-private partnership (P3) with the Virginia Department of Transportation (VDOT) to replace six at-grade signalized intersections with grade-separated interchanges with ultimate plans for the construction of ten total interchanges and the widening of the 14-mile corridor to eight lanes. In 2006, following the completion of six interchanges, VDOT awarded the Clark/Shirley Team a contract to construct the four remaining interchanges, which were completed by the end of 2009. |
Cost |
Phase 1: $138.5 million Phase 2: $320.9 million |
Funding Sources |
Phase 1: $138.5 million Route 28 Transportation Improvement District (1988)
Phase 2 Part 1: $201.7 million Route 28 Transportation Improvement District (2003-2004)
Phase 2 Part 2: $119.2 million (2007-2009)
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Project Delivery / Contract Method |
Design-Build |
Private Partner |
Clark Construction/Shirley Contracting LLC |
Project Advisors / Consultants |
Not available |
Lenders |
Bondholders |
Duration / Status |
Phase 1 completed in 1991 Phase 2 completed in 2009 |
Financial Status / Financial Performance |
Outstanding 1992 bonds retired in 2002 Outstanding 2003/2004 bonds retired in 2012 |
Innovations |
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Related Links / Articles |
Loudoun County Route 28 Transportation Improvement District 2 Transportation Improvement District Enabling Legislation |
Contacts |
28_freeway@28freeway.com |
