Fluor, which has designed, constructed and conserved several complex and challenging projects in the globe, authenticated that Bob McDonnell, who is the governor of Virginia, stated that the Fluor-Transurban and the Virginia Department of Transportation (VDOT) have inked an in-principle and non-binding agreement on the main marketable terms for the I-95 project, which is building the High Occupancy Toll or High Occupancy Vehicle (HOT/HOV) lanes in north Virginia.
This temporary phase has facilitated VDOT and Fluor-Transurban to conclude the entire agreement’s information and the project’s financing package. This project will be booked into backlog by the company during the achievement of financial closing and funding is organized. Governed by the Public-Private Transportation Act of Virginia, financial support is given to construct the project, and the financial closing is targeted to happen in mid 2012.
The company’s I-95 project will extend the current HOV facility on I-95 in order to build HOT or HOV lanes over 28 mi. between Garrisonville Road in Stafford County and Edsall Road in Fairfax County, along with enhanced access to the main military locations and employment centers in Virginia. I-95 project has been associated with Capital Beltway HOT lanes project of Fluor-Transurban, which has been planned to complete the construction by late 2012.