Chesterfield’s Economic Development Department has said a full diamond-type interchange is needed on I-295 at Meadowville Rd. for the county to reap the full benefit of the Meadowville Techology Park in the Enon area. Commercial development has been slow there because of the lack of good access from I-295. The county expects the 1,300-acre park could generate 7,200 jobs.
Last week, the Board of Supervisors authorized County Administrator James J. L. Stegmaier to enter into a grant agreement with federal and state agencies to acquire needed land for right-of-way for the project.
“It’s definitely a good-news item for the county and the region,” Stegmaier said.
The $40-million project will be jointly funded by the county, state and Federal Highway Administration. Approximately $8.7 million has been identified so far. The county will provide its part of the funding through debt financing. Chesterfield will acquire three acres needed for right-of-way and VDOT will design and construct the interchange and then request reimbursement from the county.
“Even with the recent economic fluctuations, projections for BPOL revenue are sufficient to support the anticipated debt on the interchange,” said Allan Carmody, director of budget and finance for the county.
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