R EGIONAL P RIORITY P ROJECTS C ONCEPT FOR F ISCAL -C ONSTRAINT IN - PowerPoint PPT Presentation

Agenda Item # 9 R EGIONAL P RIORITY P ROJECTS – C ONCEPT FOR F ISCAL -C ONSTRAINT IN THE 2040 LRTP H AMPTON R OADS T RANSPORTATION P LANNING O RGANIZATION B OARD M EETING F EBRUARY 18, 2016 Presented By: Robert Crum, Executive Director Camelia Ravanbakht, PhD, Deputy Executive Director

Regional Priority Projects 2

LRTP F ISCAL -C ONSTRAINT R EQUIREMENTS Fiscal-Constraint Revenue Forecast Project Costs Based on Reasonably Expressed in Year-of- • • Available Funds (sources Expenditure to properly of revenue dedicated to reflect inflation or historically used for transportation purposes)  Fiscal-constraint is a demonstration of sufficient funds (Federal, State, regional, local, private, etc.) to implement proposed transportation system improvements through the comparison of revenues and project costs. 3 Source: Federal Register 23 CFR 450, Statewide and Metropolitan Transportation Planning

R EGIONAL P RIORITY P ROJECTS PARTNERSHI PS HRTPO HRTAC Regional Transportation Planning Federal State Partners Partners 4

R EGIONAL P RIORITY P ROJECTS F ORECASTED R EVENUES Forecasted Revenues for Regional Priority Projects (2016-2040) Hampton Roads Transportation Fund $6 Billion (HRTF) High-Priority Projects Program (HB2) $627 Million TOTAL ANTICIPATED $6.627 Billion Source: VDOT 5

R EGIONAL P RIORITY P ROJECTS PROGRESS • Over $600 Million in HRTAC Allocations to date Photo Credit: VDOT 6

Regional Priority Projects 7

2040 F ISCALLY -C ONSTRAINED LRTP: R EGIONAL P RIORITY P ROJECTS Sequencing Based on Project Readiness • I-64 Peninsula Widening I • I-64/I-264 Interchange • I-64 Southside Widening/High-Rise II Bridge - Phase 1 • Hampton Roads Harbor Crossing – III Locally Preferred Alternative Phase 1 • I-64 Southside Widening/High-Rise IV Bridge - Phase 2 • I-64/Fort Eustis Blvd Interchange V • US Route 460/58/13 Connector 8

R ECOMMENDED A CTION *Actions to be taken under Meeting Agenda Item # 15  Endorse the Fiscal-Constraint Concept for the Regional Priority Projects in the 2040 LRTP  Sequencing Based on Project Readiness 9

N EXT S TEPS March 2016 • 2040 LRTP: Draft Fiscally-Constrained List of Projects April-May • Public and Advisory Committee Review of 2040 LRTP Draft Fiscally- Constrained List of Projects June 2016 • 2040 LRTP: Approval of Final Fiscally-Constrained List of Projects July 2016 • Approval and Adoption of the 2040 LRTP 10