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VIRGINIA I-895 / POCAHONTAS PARKWAY-
GREATER RICHMOND, VIRGINIA
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Name Virginia Route 895 (Pocahontas Parkway)
Location Greater Richmond, Virginia
Mode High-level Bridge and Highway
Description

New 8.8 mile toll facility four-lane road will connect Chippenham Parkway at I-95 in Chesterfield County with Interstate 295 south of the Richmond International Airport in Henrico County.

Includes high-level bridge over the James River and an interchange at Laburnum Avenue.

Sponsor VA DOT and 63-20 corporation Pocahontas Parkway Association (PPA), established to finance the Pocahontas Parkway project.
Cost $324 million
Type of Finance $354 million in tax exempt toll revenue bonds sold by 63-20 corporation
$9 million in federal funds for design costs
$18 million in SIB loans
Revenue Sources Tolls
Project Delivery / Contract Method Design Build Finance
Private Investor Partner FD/MK as project developer and design-build contractor
Underwriters Bear Stearns / Lehman Bros.
Project Advisors Nossaman, Guthner, Knox & Elliott, LLP
Christian Barton
Public Resources Advisory Group
Lenders Bondholders
Physical Status Partial opening, May 2002. Complete opening, September 2002.
Financial Status  
Innovations First construction project implemented under Virginia's Public-Private Transportation Act of 1995 (PPTA).The Pocahontas Parkway was only the second transportation project nationwide to be financed through a 63-20 corporation.
Related Links / Articles

Moody's Credit Rating*
FITCH Credit Update on Senior Current Interest Bonds and Senior Capital Appreciation Bonds**
FITCH Credit Analysis of 1998 Senior Current Interest Bonds and Senior Capital**

http://www.virginiadot.org/projects/constrich-895.asp
http://www.virginiadot.org/projects/constrich-895facts.asp
http://www.fhwa.dot.gov///innovativefinance/ifq62.htm
www.pocahontasparkway.com

Contacts Tel: (804) 440.7599
E-mail: jwa@pocahontasparkway.com
James W. Atwell
Pres., Pocahontas Parkway Association (63-20)
Barbara W. Reese
Chief Financial Officer
VDOT
Tel: (804) 786-5128

Last Review/Update Virginia DOT, December 2003

THE AMERICAN ASSOCIATION OF STATE HIGHWAY AND TRANSPORTATION OFFICIALS, AMERICAN ASSOCIATION OF STATE HIGHWAY AND TRANSPORTATION OFFICIALS, PBCONSULT, AND MOODY'S HEREBY EXPRESSLY DISCLAIM ALL EXPRESS, IMPLIED AND STATUTORY WARRANTIES OF ANY KIND AND MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO ISSUER, ANY USER OR ANY OTHER PERSON OR ENTITY, AS TO THE ACCURACY. TIMELINESS, COMPLETENESS, TRUTHFULNESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY DATA PROVIDED BY MOODY'S TO ISSUER PURSUANT HERETO.

** Each Report is derived from sources believed to be accurate and reliable. EACH REPORT IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND AND FITCH, INC., AASHTO, and PBCONSULT MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY REPORT. Under no circumstances shall Fitch, AASHTO, or PBConsult have any liability to any person or entity for (a) any loss or damage in while or in part caused by, resulting from, or relating to, any error or other circumstance or contingency within or outside the control of Fitch or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretational editing, transcription, transmission, communication, publication or delivery of any Report, or (b) any direct, indirect, special consequential, compensatory, or incidental damages whatsoever (including without limitation, lost profits).


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