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Tight Credit Shelves Virginia Job

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Virginia has shelved plans to add 56 miles of high-occupancy toll lanes to the congested I-95/395 corridor outside Washington, D.C., due in part to concerns that bond markets may be unreceptive to the state’s latest transportation venture. The project was set to reach commercial close this month with the consortium of Fluor Enterprises, Irving, Texas, and Australia-based Transurban Group and start construction in mid-2010. But citing “challenging credit market conditions,” Virginia Transportation Secretary Pierce Homer said on Aug. 14 the initiative would not go forward at this time. He added that local government and community concerns also contributed to postponing the project.

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