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On Friday, Virginia Gov. Bob McDonnell announced the state and CSX Transportation have reached an agreement on key principles of Virginia’s high-speed rail grant award.

A project framework agreement has been submitted to the U.S. Department of Transportation (USDOT), which will enable work to begin on the $75 million, “shovel-ready” project, pending USDOT approval of the agreement, according to the state of Virginia.

Under the agreement, the Arkendale-to-Powell’s Creek project will increase rail capacity and alleviate a major bottleneck in the I-95 rail corridor between Price William County and Alexandria, Va., McDonnell said in a prepared statement. The agreement also will help guide future development of the entire rail corridor along CSX tracks between Petersburg, Va., and Washington, D.C.

“A key challenge to enhancing passenger rail service is adding the rail capacity necessary to ensure efficient passenger operations, while still maintaining the ability to provide the public benefits associated with moving freight by rail. Virginia and CSX have a long and successful history in adding necessary capacity that improves the rail network in Virginia, and this agreement is a continuation of that cooperative approach,” said CSX Chairman, President and Chief Executive Officer Michael Ward in a prepared statement.