Cape Charles, VA – The Chesapeake Bay Bridge-Tunnel Commission has selected Public Financial Management, Inc. (PFM) to act as the Municipal Advisor for the Parallel Thimble Shoal Tunnel Project (the Project) that is currently under development.
PFM was chosen through a competitive bidding process to provide the financial advisory services necessary to assist the Distict with the public financing activities required to develop, procure, and construct the Project.
Jeff Holland, Executive Director of the Chesapeake Bay Bridge-Tunnel District, said “PFM’s significant experience with transportation financing, Design-Build procurements and federal TIFIA loans, in Virginia and across the United States, will be advantageous to the District as we continue to develop the optimal financing structure for this mega-project.”
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.
The Project timeline includes completion of an Environmental Assessment, preliminary design work, traffic and revenue studies 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 and with final award scheduled for the spring of 2016. For more information about the project, visit the Project webpage by clicking here.