Finance committee backs amendment to combine two Port of Virginia projects, return $1 million to balance

CVTA staff asked the Finance Committee May 13 to approve an amended project agreement that consolidates two Port of Virginia projects and returns roughly $1 million to the CVTA balance.

Staff explained that an earlier planning and engineering allocation (CBTA‑24) was originally set at $2 million but, after leveraging the planning funds for a SMART SCALE application and updated cost estimates, only $1 million is needed for the PE phase. The more recent allocation (CBTA‑50) funds the Port of Virginia gateway interchange and streetscape construction. Combining the PE and construction work under a single project agreement will, staff said, streamline invoicing and reimbursement administration.

"VOTE has approached us with two requests: to revise the PE allocation downward and to combine the projects into one under the CBTA‑24 agreement," staff told the committee, noting the redline amendment included in the packet. TAC reviewed the amendment and recommended sending it to the full authority for approval.

Committee members asked clarifying questions about administration and the reimbursement process. Staff described the process: reimbursement requests are submitted to CVTA staff, reviewed by the finance chair and fiscal agents in Chesterfield and Richmond, and payments are then issued by the county fiscal agent after approvals.

A motion to recommend the amended project agreement and the return of funds to the CVTA balance was made, seconded and approved by voice vote; the item will be presented to the full authority for consideration with the revised project agreement attached.

The packet (redline starting p.24) includes the proposed amended agreement and notes the returned balance entry amount. CVTA staff said they would work with the project administrator to revise the agreement language and manage the invoicing process to reflect the consolidated administration.