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CVTA commits $4 million in interest earnings to Fall Line design‑build 2 to close funding gap
Summary
The Central Virginia Transportation Authority voted to commit $4,000,000 of FY24 interest earnings to the Fall Line design‑build 2 project to address an estimated $10.2 million cost increase and allocated $1,050,000 to the regional project balance entry; the motion passed by voice/roll call.
The Central Virginia Transportation Authority voted June 6 to commit $4,000,000 in FY24 interest earnings to the Fall Line design‑build 2 project and to allocate $1,050,000 of the same FY24 interest set‑aside to the authority’s regional project balance entry.
Chet Parsons, the authority’s executive director, told members the authority had earlier set aside roughly $5,050,000 from FY24 interest earnings for project applications and contingency. Parsons said bids for the Fall Line design‑build 2 work had arrived and the project now faces an approximately $10,200,000 cost increase. He recommended using $4,000,000 of the set‑aside to help get the project awarded and…
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