$2.1B Virginia Tunnel Project Snags $422M Federal Loan

Law360, New York (April 13, 2012, 4:38 PM EDT) -- The U.S. Department of Transportation on Friday awarded a $422-million loan to help finance Virginia's $2.1-billion plan to build a new underwater tunnel linking Norfolk and Portsmouth and upgrade existing tunnels and highways.

The Transportation Infrastructure Finance Innovation Act is expected to keep toll rates on the new and refurbished tunnels down by taking a chunk out of the approximately $1.7 billion the project's private developer would otherwise have to finance through equity, debt and revenue from tunnel operations, according to a statement the USDOT issued...
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