The Commonwealth Transportation Board (CTB) has approved an $80 million Virginia Transportation Infrastructure Bank (VTIB) loan application submitted by the Loudoun County Industrial Development Authority.
The loan request is in collaboration with Kincora/NA Dulles Real Estate Investor LLC to finance an extension to both Gloucester Parkway and Pacific Boulevard, considered the number one transportation priority for Loudoun County. The project is expected to relieve severe congestion on Route 7, Route 28 and Waxpool Road.
The loan will completely finance the three-phase project. Construction is scheduled to finish by the end of 2014. Phase 1 comprises of extending Pacific Boulevard north at its intersection with Gloucester Parkway. Phase 2 involves extending Gloucester Parkway west from its intersection with Pacific Boulevard to Loudoun County Parkway and Phase 3 involves extending Pacific Boulevard north at Russell Branch Parkway and another extension south to Severn Way.
The loan will be repaid by special assessments on residential and non-residential property.The CTB issues low-interest loans to fast-track high priority projects. The infrastructure bank is part of the governor’s $4 billion transportation package passed in 2011 by the General Assembly.