RICHMOND, Va. (WAVY) - Virginia officials have completed a deal to build a new $1.4 billion section of U.S. 460 from Petersburg to Suffolk.
Virginia Department of Transportation Commissioner Greg Whirley and representatives of US 460 Mobility Partners and the Route 460 Funding Corporation of Virginia signed the agreement Thursday.
Gov. Bob McDonnell says the new 55-mile section of highway will improve transportation and safety, and create jobs and economic development opportunities.
US 460 Mobility will design and build the four-lane toll road. The existing U.S. 460 will remain an alternative route without tolls.
The Virginia Department of Transportation will provide $903 million for the project.
The funding corporation sold $243 million in tax-exempt bonds this month to help pay for the project. It will manage the toll collection system for 40 years.
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