The Virginia Port Authority has released a request for proposals seeking firms interested in becoming managing and co-managing underwriters for deals.

The VPA plans to issue $70 million of tax-exempt bonds to finance projects at the Craney Island Marine Terminal, including dredging, filling, levee construction, relocating a Navy fuel line, and road and rail access to the terminal. Another $8 million of private-activity bonds subject to the alternative minimum tax will be issued to construct a warehouse at the Newport News Marine Terminal.

At Craney Island, the VPA is beginning a long-term expansion plan to develop $5.9 billion of additional capacity and state-of-the-art cargo operations on 700 acres of undeveloped waterfront property, the RFP says. Build-out of the project is expected to take place over 15 years.

The VPA and the state anticipate funding around $5 billion of the project with the rest of the funds coming from federal sources. Officials also anticipate issuing $250 million of bonds over the next five years to fund needs at the APM Terminal in Portsmouth.

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