CAPE CHARLES, VA – The Chesapeake Bay Bridge-Tunnel Commission has selected Steer Davies Gleave, Inc. (SDG) to prepare an investment grade Traffic and Revenue Forecast to support the financing of the Parallel Thimble Shoal Tunnel Project (the Project) that is currently under development.
At the completion of a competitive bidding process, SDG was chosen to provide the forecast that will project traffic and revenue associated with the proposed toll rate changes and pricing methodology to support the issuance of tax-exempt revenue bonds and a TIFIA loan to finance the Project. Additionally, SDG will support the CBBT in presenting the results of the study to credit rating agencies, the TIFIA Joint Program Office and bond investors. Jeff Holland, Executive Director of the Chesapeake Bay Bridge-Tunnel District, said “SDG’s familiarity with our community, earned through the completion of 10 other studies in the region and their experience with seasonal tolling, will be invaluable in developing the best model to project the CBBT’s future traffic and revenue growth.”
The Project will add an additional two-lane tunnel under the Thimble Shoal Channel to expand the capacity and improve the safety for travelers who utilize the CBBT and to protect the economic competitiveness and livability of the region through enhanced resiliency as the CBBT serves as the sole connection between the Delmarva Peninsula and the Hampton Roads area.
In addition to the traffic and revenue study, the Project timeline includes completion of an Environmental Assessment, preliminary design work, and Request for Qualifications (RFQ) and Request for Proposal (RFP) document preparation during 2014 and 2015. A formal RFP for a Design-Build Contractor is expected by the second half of 2015 with final award scheduled for the spring of 2016.
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