VIRGINIA BEACH, Va. – The Chesapeake Bay Bridge Tunnel will be expanding at the Thimble Shoal Channel and Gov. McAuliffe announced Tuesday that funding for the project is now complete.
The tunnel will be two lanes and the Chesapeake Bay Bridge and Tunnel Commission will finance the $756 million project though federal and state bonds.
The project was awarded in July and construction is expected to begin in October of 2017.
The expansion will create a parallel tunnel alongside the first tunnel that drivers travel through when heading towards the Eastern Shore.
The Chesapeake Bay Bridge and Tunnel Commission has financed the project through the following:
• $338.5 million federal bond – Transportation Infrastructure Finance and Innovation Act (TIFIA) Program provides credit assistance for qualified projects of regional and national significance, such as the Parallel Thimble Shoal Tunnel Project.
• $50 million state bond – The Virginia Transportation Infrastructure Bank offers low-interest loans and grants to localities, transportation authorities and private-sector partners for transportation projects and provides an alternative source of financing for transportation needs in the commonwealth.
• $321.5 million Revenue Bond Issue
• Remaining funds for the project come from the Chesapeake Bay Bridge and Tunnel District’s General Fund.
