A senior state transportation official says lower tolls than previously expected on the new Route 460 would be a major boon for Suffolk, spurring new business activity in the area.

After the Virginia Department of Transportation issued an addendum to its request for proposals to design and build the public-private partnership road, the estimated toll for cars for the full 55 mile-length has dropped to between $3.85 and $5.50, from between $5.50-$11.

With VDOT now planning to retain full control over tolls and to reduce the amount of time the private company would be able to collect them, Virginia Office of Transportation Public Private Partnerships Deputy Director Dusty Holcombe says the idea is to maximize traffic on the road.

“If it was a normal (public-private) setup, tolls would be negotiated as part of the financial structure,” Holcombe said. “What we’re trying to do is to put the toll level at a rate that meets the goals of paying off debt and also maximizing the throughput.”

Increasing traffic on the road, particularly that of heavy vehicles, would bring economic benefits along its Suffolk-Petersburg corridor.

“If you can increase the use of the facility, then we think there will be some development along the corridor,” Holcombe said. “I think Suffolk will benefit from it. I also think Isle of Wight will benefit from it.”

The addendum also charges VDOT with operation and maintenance of the road. According to Holcombe, this would relieve long-term risk in the eyes of financiers.

“One of the ways we thought the project would be more financially feasible is for the department to take over the long-term operation and risk,” he said.

“That saves upfront costs and gives financial markets a little bit more confidence that the revenue that will be generated will go directly for debt and not operation and maintenance before debt is paid off.”

Detailed proposals for development and operation of the new road have been requested from three short-listed companies: Cintra Infraestructuras S.A.U., 460 Partners Inc. and MultiModal Solutions LLC.

Holcombe said planned meetings with bidders this week would “discuss the addendum and any questions that they have.”

“We’re working with our traffic and revenue people and will get them to discuss the toll-rate data, and talk to the technical people,” he said.

In a press release, VDOT Commissioner Greg Whirley stated that the new 460 is critical for the commonwealth.

“The improvements will increase safety, generate more jobs and economic development, accommodate greater freight traffic from the Port of Virginia, expand hurricane-evacuation routes and enhance connections among the region’s military installations,” he added.

Others say the road, which will operate next to the existing non-toll road, will be a bust.

Also under the addendum, according to the press release, the winning bidder would provide a financial proposal identifying non-public funding, as well as a proposal to design and build the project at a fixed cost and date.

Holcombe told a Commonwealth Transportation Board meeting last month that construction on the $1.5 to $2 billion road would begin next year for an expected 2018 completion.