Semiannual Report on the Transportation Partnership Opportunity Fund (June 30, 2020)
Summary
Pages of a semiannual report on the Transportation Partnership Opportunity Fund (TPOF), addressed to The Honorable Janet D. Howell, David W. Marsden, Delores L. McQuinn, Luke E. Torian and Vivian E. Watts, with a page header dated September 17, 2020. The report states that as of June 30, 2020, forty-four applications requested a total of $220,204,682 in TPOF assistance, that the Governor has approved awards totaling $108,557,466, and that projects that have reached financial close total $100,107,466. It lists the sources of the Fund's capitalization, including $305,000,000 under Chapter 847 of the Acts of Assembly of 2007. The attached Activity/Award Details to Date list recipients, projects and awards, ending with Total Awards of $305,000,000.
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“Semiannual Report on the Transportation Partnership Opportunity Fund (June 30, 2020).”
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The Honorable Janet D. Howell
The Honorable David W. Marsden
The Honorable Delores L. McQuinn
The Honorable Luke E. Torian
The Honorable Vivian E. Watts
September 17, 2020
Page 2
As of June 30, 2020, forty-four applications, representing thirty-four separate projects, have been
submitted requesting a total of $220,204,682 in TPOF assistance. The Governor has approved
awards totaling $108,557,466. There are two grants pending agreement with the Virginia
Department of Transportation. With this adjustment, projects that have reached financial close
total $100,107,466 (See attachment, Financial Close Total on page 2).
To date, capitalization for the Fund has come from the following:
• $23,600,000 and $26,400,000 from the Toll Facility Revolving Account and from the
Highway Construction Fund, respectively, pursuant to Chapter 951 of the Acts of
Assembly of 2005;
• $305,000,000 pursuant to Chapter 847 of the Acts of Assembly of 2007 and Chapter
780 of the Acts of Assembly of 2016;
• $50,000,000 made available July 1, 2011, from the Commonwealth Transportation
Fund pursuant to Item 452 H. of Chapter 890 of the Acts of Assembly of 2011.
• TPOF is provided with one-third of all interest, dividends, and appreciation that may
accrue to the Transportation Trust Fund and the Highway Maintenance and Operating
Fund pursuant to Chapter 1230 of the Acts of Assembly of 2020 (Code of Virginia,
§33.2-1524, B. 3.).
The $305,000,000, as outlined by Chapter 847 of the 2007 Acts of Assembly and Chapter 780 of
the 2016 Acts of Assembly, is targeted for specific projects, while the remaining $100,000,000
may be used for any eligible applicant and project. The body of this report focuses on the use of
the $100,000,000, interest earnings to the fund, and the dedicated revenue beginning in 2015. The
attachment provides a brief summary and overview of the fund in its entirety as of June 30, 2020.
The Fund is one of many tools available to market the Commonwealth to prospective economic
development partners. Please let me know if I may provide additional information regarding these
projects or the use of the Fund.
cc: The Honorable Shannon Valentine, Secretary of Transportation
The Honorable Brian Ball, Secretary of Commerce and Trade
The Honorable Aubrey Layne, Jr., Secretary of Finance
Attachment
Attachment
Semiannual Report on the Transportation Partnership Opportunity Fund
Activity/Award Details to Date
The following identifies the recipients, the projects and the awards made, and the actions taken from TPOF, along with their current status:
Awards/Projects with Financial Close
Type of
Recipient Project Location Assistance Amount Status
State Route 28 Rt. 28 Corridor Loudoun and Grant $5,000,000 Grant is fully disbursed.
Highway Improvements Fairfax Counties
Transportation District
Commission
VDOT Coalfields Expressway Buchanan, Wise Grant 1,772,740 Grant is fully disbursed. Grant
and Dickenson awarded was $2,000,000. Final grant
Counties amount was $1,772,740.
Town of Leesburg Battlefield Parkway Town of Leesburg Grant 5,000,000 Grant is fully disbursed.
County of Rockingham Harrisonburg Southeast County of Grant 5,000,000 Grant is fully disbursed.
Connector Rockingham
County of Prince Rolls-Royce Economic County of Prince 2 Grants- 10,000,000 Grants are fully disbursed. Investment
George Development Project George $5,000,000 of $100 million and creation of 170
each jobs.
County of Accomack Mid-Atlantic Regional County of Grant 3,250,968 Grant is fully disbursed. Grant
Spaceport (MARS) – Accomack awarded was $3,427,412. Final grant
Orbital Sciences Corp. amount was $3,250,968.
Virginia Commercial MARS County of Grant 5,000,000 Loan has been converted to a grant.
Space Flight Authority Accomack Grant is fully disbursed.
(VCSFA)
Virginia Commercial MARS County of Grant 5,000,000 Grant is fully disbursed.
Space Flight Authority Accomack
(VCSFA)
Virginia Commercial MARS County of 2 Grants- 10,000,000 Grants are fully disbursed. Investment
Space Flight Authority Accomack $5,000,000 of $45+ million and creation of 500
(VCSFA) each jobs.
County of Loudoun Pacific Boulevard County of Loudoun Grant 3,000,000 Grant is fully disbursed.
Department of Aviation Emporia City of Emporia Grant 151,085 Grant is fully disbursed. Grant
awarded was $162,210. Final grant
amount was $151,085.
Virginia Commercial MARS County of Grant 5,000,000 Grant is fully disbursed.
Space Flight Authority Accomack
(VCSFA)
County of Accomack Wallops Research Park County of Grant 4,000,000 Grant is fully disbursed.
Accomack
County of Giles Celanese Acetate County of Giles Grant 724,878 Grant is fully disbursed.
City of Winchester Monticello Dirve City of Winchester Grant 47,533 The City was unable to complete
Expansion- originial project due to ROW issues.
Rubbermaid Products Grant amount is equaliviant to the first
expansion disbursement made in good faith of
award.
Page Total $62,947,204
Attachment: Transportation Partnership Opportunity Fund (TPOF) Semi-annual Report
Period Ending June 30, 2020 Page 1 of 7
Attachment
Semiannual Report on the Transportation Partnership Opportunity Fund
Activity/Award Details to Date
Awards/Projects with Financial Close - Continued
Type of
Recipient Project Location Assistance Amount Status
Economic Development Canon Virginia, Inc. City of Newport Grant $5,000,000 Grant was amended in August 2019
Authority of the City of Economic Development News and County and work is ongoing. Total
Newport News Project of Gloucester disbursements made are
$4,902,242; the current balace is
$24,214.
VDOT Coalfields Expressway Buchanan, Wise 2 Grants- 9,892,200 Grants are fully disbursed. Grants
Hawks Nest Section and Dickenson $5,000,000 awarded was $10,000,000. Final
Counties each grant amount was $9,892,200.
County of Prince USMC Heritage Center County of Prince 2 Grants- 4,978,062 Project is complete. Final grant
William Improvements William $2,242,350 amount was $4,978,062.
and
$2,735,712
State Route 28 Route 28 bridge Loudoun and Grant 5,000,000 Grant is fully disbursed.
Highway widening over the Fairfax Counties
Transportation Dulles Toll Road
Improvement District
Commission
Economic Development Liebherr Expansion City of Newport Grant 1,000,000 Grant is fully disbursed.
Authority of the City of News and Hampton
Newport News
County of Frederick Navy Federal Credit Frederick County Grant 1,290,000 Work is underway. Total
Union Expansion disbursments made are $1,141,064;
the current balance is $121,142.
Virginia Commercial Rocket Lab- Venture Accomack County Grant 5,000,000 Work is underway. Grant is fully
Space Flight Authority Class Launch Pad disbursed.
Virginia Port Authority Operation of second City of Richmond Grant 5,000,000 Grant agreement was entered into in
barge service at March 2019.
Richmond Marine
Terminal
Financial Close Total $100,107,466
Attachment: Transportation Partnership Opportunity Fund (TPOF) Semi-annual Report
Period Ending June 30, 2020 Page 2 of 7
Attachment
Semiannual Report on the Transportation Partnership Opportunity Fund
Activity/Award Details to Date
Awards/Projects Pending Financial Close
Type of
Recipient Project Location Assistance Amount Status
City of Richmond Stone Brewery Phase II City of Richmond Grant 950,000 Decision brief was signed by Governor
McAuliffe. Agreement is pending.
Virginia Commercial Maintenance and Accomack County Grant 7,500,000 Appropriated in Item 431 A. and B. of
Space Flight Authority Operation of Space Chapter 1289 (2020 Appropriation Act),
Flight Facilities Effective July 1, 2020. Arrangements
pending.
Pending Financial Close Total $8,450,000
TOTAL AWARDS APPROVED BY THE GOVERNOR $108,557,466
Awards/Projects Unable to Reach Financial Close
Type of
Recipient Project Location Assistance Amount Status
Flour Virginia, Inc and I-95/I-395 HOT Lanes Spotsylvania, Loan $10,000,000 TPOF loan could not be executed in
Transurban USA Stafford, Prince accordance with the business agreement
Development, Inc. William and between VDOT, Fluor and Transurban at
Fairfax Counties the preliminary stage of project development
under TPOF's statutory requirements. A
State Infrastructure Bank (SIB) loan was
approved for the project and repaid at
closing.
City of Newport News Wolseley Economic City of Newport Grant 2,700,000 Due to the decline in the economy the plans
Development Project News for expansion were suspended.
VDOT Coalfields Expressway Buchanan, Wise 2 Grants- 10,000,000 Project was unable to receive FHWA
Rockhouse Section and Dickenson $5,000,000 approval and the funds have been rescinded.
Counties each
VDOT Coalfields Expressway Buchanan, Wise 2 Grants- 10,000,000 Project has become eligible for 100%
and U.S. Route 460 and Dickenson $5,000,000 federal funding. TPOF funds have been
Connector Counties each rescinded since they were no longer needed.
County of Frederick Rennaissance Drive Frederick County Grant 0 Grant Returned. Scope of project changed
Extension and TPOF was no longer needed.
Chesterfield County I-95/ Willis Road Chesterfield County Grant $5,000,000 Grant returned. Economic Development
Interchange project withdrawn, no longer eligible for
TPOF.
Unable to Reach Financial Close Total $37,700,000
Awards/Projects Not Receiving Award
Recipient Project Location Type of Amount Status
County of Rockingham Southeast Connector County of Grant $4,980,938 The project was denied award due to
Rockingham adjusted priorites for the County.
City of Virginia Beach Atlantic Avenue City of Virginia Grant 2,497,000 The fund was not open to applications at the
Beach time of submittal.
City of Virginia Beach Atlantic Avenue City of Virginia Grant 2,744,000 The project was denied award due to
Beach adjusted priorites for the City.
Not Receiving Award Total $10,221,938
Attachment: Transportation Partnership Opportunity Fund (TPOF) Semi-annual Report
Period Ending June 30, 2020 Page 3 of 7
Attachment
Awards/Projects Not TPOF Eligible
Type of
Recipient Project Location Assistance Amount Status
Virginia Port Western Freeway Rail Commonwealth of Grant $4,800,000 The project did not meet
Authority Relocation Virginia Transportation or Economic
Development Evaluation
Criteria.
Holliday Properties Capital Region County of Hanover Grant 5,000,000 There were several statutory
Center conflicts with the application
and project.
The Olde Dominion Old Dominion Ag County of Grant 300,000 There were several statutory
Agriculture Complex Pittsylvania conflicts with the application
Foundation, Inc and project. Other funding has
been identified for the project.
The Route 28 Rt. 28 Corridor Loudoun and Grant 5,000,000 The project did not meet the
Highway Improvements- Fairfax Counties Economic Development
Transportaiton Northbound Criteria.
Improvement District Widening
Commission
County of Prince Commuter Parking County of Prince Grant 5,000,000 The project did not meet the
William Garage William Economic Development
Criteria.
Not Eligible Total $20,100,000
Attachment: Transportation Partnership Opportunity Fund (TPOF) Semi-annual Report
Period Ending June 30, 2020 Page 4 of 7
Attachment
Semiannual Report on the Transportation Partnership Opportunity Fund
Activity/Award Details to Date
The table below summarizes the awards to date and the remaining balance form the $100 million in capitalization as of June 30, 2020.
Capitalizations
July 1, 2006 $50,000,000
July 1, 2011 50,000,000
Interest Earnings 32,242,417
Total Funding Available $132,242,417
Project Amount Type of Assistance Eligibility Criteria
Town of Leesburg $5,000,000 Grant Design-Build Project
County of Loudoun 3,000,000 Grant Design-Build Project
County of Rockingham 5,000,000 Grant Design-Build Project
County of Prince William 4,978,062 Grant Design-Build Project
County of Accomack 4,000,000 Grant Design-Build Project
County of Prince George 10,000,000 Grants Economic Development
City of Newport News 5,000,000 Grant Economic Development
County of Accomack 3,250,968 Grant Economic Development
Virginia Comm. Space Flight Authority 10,000,000 Grants Economic Development
City of Winchester 47,533 Grant Economic Development
Virginia Comm. Space Flight Authority 5,000,000 Grant Economic Development
Virginia Comm. Space Flight Authority 5,000,000 Grant Economic Development
Virginia Comm. Space Flight Authority 5,000,000 Grant Economic Development
Department of Aviation 151,085 Grant Economic Development
County of Giles 724,878 Grant Economic Development
EDA of Newport News 1,000,000 Grant Economic Development
County of Frederick 1,290,000 Grant Economic Development
City of Richmond* 950,000 Grant Economic Development
Virginia Comm. Space Flight Authority 5,000,000 Grant Economic Development
Virginia Comm. Space Flight Authority 7,500,000 Grant Economic Development
Virginia Port Authority 5,000,000 Grant Transportation Service
State Route 28 HTIDC 5,000,000 Grant PPTA Project
Rt. 28 HTIDC 5,000,000 Grant PPTA Project
VDOT – CFX 1,772,740 Grants PPTA Project
VDOT – CFX (CFX/Connector Int.) - Grants PPTA Project
Total Awards $108,557,466
Reductions** 1,118,750
Available for Award $22,566,201
*Grant agreement pending
**FY 2009-2020 Indirect Costs and Governor's FY 2010 Operational Efficiencies Reduction
Attachment: Transportation Partnership Opportunity Fund (TPOF) Semi-annual Report
Period Ending June 30, 2020 Page 5 of 7
Attachment
Semiannual Report on the Transportation Partnership Opportunity Fund
Activity/Award Details to Date
Chapter 847 of the Acts of Assembly of 2007 and Chapter 780 of the Acts of Assembly of 2016
Item 449.10 and Item 453 G - $305,000,000 Appropriation
Through Item 449.10 of Chapter 847 of the Acts of Assembly of 2007, $305,000,000 was allotted to TPOF out of the $500,000,000 for the 2007
Transportation Initiative (the "Initiative") projects.
In 2008, the General Assembly, through Item 462 of Chapter 879 of the Acts of Assembly of 2008, reappropriated $180,000,000 of the
$500,000,000 back to the Commonwealth of Virginia's General Fund. To substitute for these monies, Item 459 H. of Chapter 879 of the Acts of
Assembly of 2008 authorized the issuance of $180,000,000 of Capital Projects Revenue bonds.
Item 453 G of Chapter 780 of the Acts of Assembly of 2016 dedicated the $31,070,647 that was remaining from the previous allocation to Road
Improvements at military installations and improvements at interestate rest areas throughout the Commonwealth.
Item 437 C and Item 4-1.03 of Chapter 836 of the Acts of Assembly of 2017 dedicated the any funds deposited pursuant to Item 453 G.2 of
Chapter 836 of the Acts of Assembly of 2017 to fund additional facilities at Mid-Atlantic Regional Spaceport.
The following are the 2007 TPOF's Initiative projects receiving award and their status:
Project Grant Amount Location Status
I-495 Capital Beltway HOT Lanes $157,207,586 Northern Virginia Grant is fully disbursed.
Route 58 Hillsville Bypass 77,000,000 Town of Hillsville Grant is fully disbursed.
Route 50 Widening 14,721,767 County of Fairfax Grant is fully disbursed.
Norfolk Southern Corporation (NSC) - 20,000,000 City of Virginia The funds were paid out in August
Right-of-Way Acquisition Beach 2011 based on the grant agreement
with the City. The funds were
returned in March 2017 because the
project did not advance and repayment
was required. See Chapter 836 (2017),
Item 453 G.1.
I-295/Meadowville Interchange 5,000,000 County of Grant is fully disbursed.
Chesterfield
Total $273,929,353
The remaining projects identified for funding through the 2007 Initiative and their respective status follow:
Project Location Status
Environmental Impact Statement (EIS) for County of Frederick It was determined that the project did not qualify for TPOF and other
Route 37 - Eastern Bypass funds were identified to perform EIS.
I-64/I-264 Interchange City of Virginia Beach A mutual agreement was reached between the City and the Secretary of
Transportation to fund the NSC ROW acquisition at $20,000,000 instead
of the I-64/I-264 Interchange. The funds were paid out in August 2011
based on the grant agreement with the City. The funds were returned in
March 2017 because the project did not advance and repayment was
required.
Attachment: Transportation Partnership Opportunity Fund (TPOF) Semi-annual Report
Period Ending June 30, 2020 Page 6 of 7
Attachment
Semiannual Report on the Transportation Partnership Opportunity Fund
Activity/Award Details to Date
The following table summarizes the current awards from the $305,000,000 appropriation:
Capitalization $305,000,000
Project Grant Amount Type of Assistance Eligibilty Criteria
I-495 Capital Beltway HOT Lanes $157,207,586 Grant PPTA Project
U.S. Route 58 - Hillsville Bypass 77,000,000 Grant PPTA Project
U.S. Route 50 Widening 14,721,767 Grant Design-Build Project
NSC Right-of-Way Acquisition* 0 Grant Per FTA Requirements
I-295/Meadowville Interchange 5,000,000 Grant Design-Build Project
Road Improvements to military 23,110,000 Grant Item 453, G. of Chapter 780, 2016
installations Acts of Assembly
Improvements at interestate rest areas 7,960,647 Grant Item 453, G. of Chapter 780, 2016
Acts of Assembly
Mid-Atlantic Regional Spaceport 20,000,000 Grant Item 437, C. of Chapter 836, 2017
Acts of Assembly
Total Awards $305,000,000
Authorization Balance $0
*See Norfolk Southern Corporation Right-of-Way Acquisition on page 6
Attachment: Transportation Partnership Opportunity Fund (TPOF) Semi-annual Report
Period Ending June 30, 2020 Page 7 of 7
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