The City of Chesapeake received this $120 million loan from the Virginia Transportation Infrastructure Bank in 2012 to finance a portion of the costs associated with its Dominion Boulevard project. The project consists of replacing a low-level draw bridge with a fixed-span high-rise bridge, as well as widening the stretch from Cedar Road to the I-64/Oak Grove Connector from two to four lanes and constructing new interchanges at Cedar Road, Bainbridge Road, and Great Bridge Boulevard. These improvements are designed to reduce traffic congestion along the Dominion Boulevard corridor and reduce the rate of traffic accidents. This corridor is a major artery between northeast North Carolina, southern Chesapeake, and the interstate highway system as well as serving as a major evacuation route for northeastern North Carolina. The loan is secured by subordinate toll system revenues.
