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McAuliffe: Financing completed for new $756 million CBBT tunnel project

Financing arrangements are complete, allowing the construction of a new two-lane tunnel under the Thimble Shoal Channel at the Chesapeake Bay Bridge Tunnel to proceed, Gov. Terry McAuliffe’s office announced Tuesday.

The Chesapeake Bay Bridge and Tunnel Commission, the entity that owns, operates and maintains the 17.6-mile-long water crossing that links Hampton Roads with the Eastern Shore, will primarily use state and federal bonds to pay for the $756 million project.

One day before the governor’s announcement, the U.S. Department of Transportation announced it had awarded a $338.5 million loan to support the project’s financing. Read More