Gov. Bob McDonnell today ceremonially signed Virginia’s Road to the Future (HB 2313), the state’s first comprehensive transportation funding plan approved in 27 years.
Following on the heels of nearly three decades of inaction on the critical challenges facing transportation funding in Virginia, this historic bi-partisan legislation supported by Republicans and Democrats from each chamber will provide more than $3.4 billion in additional statewide transportation funding, more than $1.5 billion in additional funding for Northern Virginia, and more than $1 billion in additional funding for Hampton Roads, over the next five years alone.
The ceremonial signing was greeted with bipartisan support for McDonnell’s crowning achievement in his four-year term as governor.
“For 27 years our citizens have sat in traffic as congestion has increased and our bridges and roadways have deteriorated. For 27 years our citizens and businesses have demanded solutions. For 27 years, Democrats and Republicans in the General Assembly failed to reach an agreement on this critical issue. However, we stand here today, thanks to the leadership and support of Speaker Howell and a broad bi-partisan coalition of legislators, business leaders and citizens, to celebrate this historic achievement,” McDonnell said.
“This year, Republicans and Democrats put their differences aside, sat down at the table and demonstrated to our citizens that unlike Washington we are able to work together to achieve the results they demand,” said Speaker of the House Bill Howell, R-Stafford. “I applaud Gov. McDonnell for his leadership and willingness to tackle the difficult challenges facing Virginia, and I thank the broad bi-partisan group of legislators and stakeholders who made today possible.”
“Today’s transportation bill signing marks the first step in a long-term process to resolve Virginia’s transportation crisis,” said Senate Democratic Caucus Chair Donald McEachin, D-Henrico. “This bipartisan plan raises revenue to address long-overdue construction needs across the Commonwealth. Moreover, it demonstrates what can be accomplished when Republicans put political ideology aside to make progress on the real issues facing Virginians.”
“I’m pleased this historic transportation bill is officially signed into law,” said House Democratic Leader David Toscano, D-Charlottesville. “This is a true mark of bipartisanship with responsible leaders from both parties coming together to do something that hasn’t been done for over 20 years in the Commonwealth. While not perfect, this plan will provide the funds necessary to build Virginia’s infrastructure for the future.”
Over the first five years, HB 2313 will:
· Generate more than $1.8 billion in additional funding for maintenance, thereby eliminating maintenance crossover transfers
· Provide $660 million in dedicated new construction funding, which, when combined with the elimination of maintenance crossover, will grow construction spending by more than $2.4 billion
· Increase funding for Virginia’s transit providers by $509 million
· Provide more than $256 million in funding for intercity passenger rail, the first dedicated state funding for this vital service
· Generate additional revenue for Virginia’s airports and seaports
· Generate annually between $272 million to $335 million in Northern Virginia and $172 million to $226 million in Hampton Roads for regional transportation priorities
Additionally, in his remarks, the governor today announced the findings of recently completed economic impact analyses conducted by nationally renowned firm Chmura Economics. The first analysis, which focuses on new roadway construction spending as a result of HB 2313, determined that the additional funds in the Commonwealth Transportation Board’s Six-Year Improvement Program will have an economic impact of $8.1 billion and annually sustain 10,133 jobs from FY 2014 through FY 2019.
The second analysis, which focuses on new transit and rail spending, determined that the additional funding provided to the Department of Rail and Public Transportation will have an economic impact of more than $1.4 billion support 14,625 jobs, or 2,925 jobs per year, between FY 2014 and FY 2018. The new dedicated intercity passenger rail funding will enable Virginia to extend passenger rail service to Roanoke within the next four years.
“Following on the heels of the 2011 bond package, Gov. McDonnell made a promise to continue his successful efforts to address Virginia’s transportation funding needs by putting in place dedicated, sustainable revenues for the long-term,” said Virginia Transportation Construction Alliance Executive Vice President Jeff Southard. “This year the governor delivered. Not only will this legislation improve mobility, reduce congestion and promote further economic activity, but it will put in place the sustainability necessary to build upon and continue the progress Gov. McDonnell has made over the past three years.”
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