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CVTA finance committee commits $4 million in interest earnings to Fall Line Trail shortfall
Summary
The Central Virginia Transportation Authority Finance Committee voted May 14 to commit $4,000,000 of interest earnings to the Fall Line Trail design‑build 2 project and to place roughly $1,050,000 into the regional project balance entry.
The Central Virginia Transportation Authority Finance Committee voted May 14 to commit $4,000,000 of interest earnings to the Fall Line Trail design‑build 2 project and to place roughly $1,050,000 into the regional project balance entry.
Mister Parsons, CVTA staff, told the committee that VDOT's bid returns for the design‑build contract exceeded prior estimates and that "the delta is about $10,200,000, between the original understanding and the range of bids that have come back." He said CVTA's prior investments in this segment amount to roughly 37% of the funds committed for the segment and that the all‑in cost for the project (including preliminary engineering, right‑of‑way and construction phases) is about $78,000,000.
The staff recommendation before the committee combined two related actions: (1) set aside $4,000,000 of the previously held interest earnings to address the VDOT‑identified shortfall for design‑build 2, and (2) allocate approximately $1,050,000 of interest earnings to the regional project balance entry to support cost increases across projects as needed. Committee materials note that CVTA had earlier set aside $5,850,000 in interest earnings for regional project development (staff presented that prior action as background).
During questions, committee members asked how the remaining shortfall would be covered; staff said the Commonwealth Transportation Board and state partners were working to identify the balance. Staff also noted an additional $1,500,000 identified for wayfinding on the Fall Line Trail.
A motion to approve the staff recommendation was made and seconded; a roll call recorded multiple aye votes and the motion passed. The committee directed staff to include this allocation as part of the recommendation to the full authority and to continue coordination with VDOT, TAC and affected localities.
The action does not finalize other funding sources for the remaining bid delta. Staff said the state has indicated it will work to find the remaining funding needed for the project to proceed in this award cycle.
