Virginia Governor Bob McDonell recently announced the Virginia Transportation Infrastructure Bank (VTIB) has agreed to provide funding needed for the continuation of the Dominion Boulevard project, a major effort to reduce traffic congestion and improve safety in Chesapeake.

If successful in promoting safety as well as easing travel, area residents and commuters may benefit from lower auto insurance rates, in time. The project will widen Dominion Boulevard to a four-lane road between Great Bridge Boulevard and Cedar Road and replace the associated Elizabeth River bridge with a similarly enlarged structure.

"The bank provides a resource that public- and private-sector entities can use to finance projects and accelerate construction," Governor McDonell said. "This plays a major role in driving the economic vitality of Virginia and getting citizens back to work. The Dominion Boulevard improvements have the potential of creating more than 13,000 jobs as a result of better transportation and access."

This is the first loan the VTIB has provided, potentially marking a major change in the financing of transportation and infrastructure development in the state.