A regional commission that controls sales and gas taxes for road projects in Hampton Roads is set to approve spending $137 million on construction of major improvements to the I-64/I-264 interchange.
The Hampton Roads Transportation Accountability Commission is scheduled to authorize an agreement with the state highway department on Wednesday so the money can begin flowing and construction can begin.
The $137 million will cover Phase I of the interchange project, which involves rebuilding, reconfiguring, adding or expanding ramps and roads between I-64 and Witchduck Road. Phase I will add a second exit lane on I-64 west, widen the off-ramp to I-264 east, and tie a one-lane flyover ramp from westbound I-64 into the existing eastbound I-264 collector-distributor road, according to the VDOT project page.
The commission has already allocated about $15 million for preliminary engineering and right-of-way acquisition for the project, in addition to $5 million in federal and state funding, according to the documents. The $137 million in construction funds will be spent between fiscal years 2017 and 2020, according to a fiscal impact summary.