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Finance committee backs amendment to combine two Port of Virginia projects, return $1 million to balance
Summary
CVTA staff presented a request to reduce a PE allocation from $2M to $1M and combine an earlier PE project (CBTA‑24) with a later construction project (CBTA‑50) under a single amended agreement to streamline reimbursements; the committee recommended the amendment to the full authority.
CVTA staff asked the Finance Committee May 13 to approve an amended project agreement that consolidates two Port of Virginia projects and returns roughly $1 million to the CVTA balance.
Staff explained that an earlier planning and engineering allocation (CBTA‑24) was originally set at $2 million but, after leveraging the planning funds for a SMART SCALE application and updated cost estimates, only $1 million is needed for the PE phase. The more recent allocation…
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