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Northern Virginia Technology Council Announces Support of Governor McDonnell's Transportation Funding Plan

Funding would accelerate road, transit and rail projects statewide

HERNDON, Va. - January 11, 2011 - Following a presentation to the Northern Virginia Technology Council Board of Directors this morning by Virginia Secretary of Transportation Sean Connaughton, NVTC today announced its support of Governor McDonnell's transportation funding plan. The Governor proposes to allocate state revenues and leverage the prudent use of bonds to invest $4 billion to accelerate road, transit and rail projects in the Commonwealth over the next three years.

"We applaud Governor McDonnell for his proposal, which will pump $4 billion into road, transit and rail projects in the Commonwealth over the next three years, accelerating congestion-relief efforts and boosting job-creation and economic development efforts statewide," said NVTC President & CEO Bobbie Kilberg. "Addressing Northern Virginia's transportation crisis in a significant and meaningful way is critical to the growth of Northern Virginia's technology economy and by extension to the long term economic health of the state."

"As business leaders, we believe new capital investments in Virginia's transportation infrastructure are crucial and support the smart use of bonds to underwrite these investments," added NVTC Chair Brad Antle, President & CEO of Salient Federal Solutions. "Given the historically low cost of capital and transportation construction coupled with the Commonwealth's healthy balance sheet and top bond rating, Virginia is competitively positioned to maximize and leverage its buying power to provide for new transportation infrastructure."

Click here to read the Governor's original press release.