Skip to main content

I-485 financing plan - already a mess

It didn't take long for doubts to start creeping in on Governor Beverly Perdue's design-build-finance plan for completing Interstate 485.

Two weeks after the announcement of the plan, NC Treasurer Janet Cowell's office issued a statement expressing concern on how the plan is financed. A spokesperson for Cowell's office said, "In the absence of contracts specifying terms and conditions of the 485 project, we are unable to determine if there are issues or concerns."

Perdue's office immediately responded with a statement of their own,
"Prior to announcing the plan, we worked with the[Attorney General Roy Cooper's] office as we developed the design-build-finance program for completing I-485. During this process, the Attorney General's office indicated that our plan was legal."

Then throw in that the DOT thought that the Treasurer's office was already on board with the plan. Jim Trogdon, the DOT's chief operating officer, said that after a meeting with Cowell on October 12th and she was supportive of the plan.

"She said they were excited about the opportunity to work with us on the project," said Trogdon.

Now, the Treasurer's office can't stop the project, but the office does manage the state's debt and debt load and would be involved in issuing bonds to finance the debt. The $50 million of contractor financing would be backed by the state's debt.

And the controversy isn't over there either. After the financing plan was announced, numerous other cities within the state with incomplete loops started to cry foul. In Raleigh, leaders wondered why they have to pay tolls to complete the next part of their loop. And in Winston-Salem, officials wonder if they'll ever see money to start construction of their loop.

The drama is only going to grow from here folks, the completion of Interstate 485 is a long way from fruition.

Story Links:
Cowell raises I-485 questions ---Raleigh News & Observer
I-485 concerns surprised DOT, thought treasurer approved ---Charlotte Observer
Myers, Carney: I-485 plan will work ---Charlotte Observer
Charlotte officials mobilize on I-485 funding ---Charlotte Business Journal

Comments

Popular posts from this blog

Bridgeport Covered Bridge

The Bridgeport Covered Bridge is a historic crossing of the South Fork Yuba River located in Nevada County, California near Nevada City.  The Bridgeport Covered Bridge opened as a tolled crossing during 1862 as part of the larger Henness Pass Road.  The Bridgeport Covered Bridge closed to vehicle traffic during 1972 and was recently restored during 2021.  The Bridgeport Covered Bridge is historically California's longest covered span is thought to likely be the longest such structure surviving in the world.  Featured as the blog cover is the Bridgeport Covered Bridge during 1950 when it was an active part of Pleasant Valley Road.   The history of the Bridgeport Covered Bridge The history of Bridgeport Covered Bridge was featured in the  September 1950 California Highways & Public Works .  Bridgeport Covered Bridge was constructed during 1862 over the South Fork Yuba River.  The Bridgeport Covered Bridge served as part of the Virginia Turnpike Company maintained Henness Pass Roa

Former California State Route 215

  California State Route 215 was a short-lived state highway which existed in the Los Angeles Metropolitain area after the 1964 State Highway Renumbering.  California State Route 215 was aligned from US Route 60 at 5th Street in Pomona north to US Route 66 near Claremont via Garey Avenue.  California State Route 215 came to be after California State Route 71 was bisected in Pomona due to relinquishment of a portion of Garey Avenue due to the opening of a portion of the Corona Freeway (now Chino Valley Freeway) during 1958.  California State Route 215 was deleted by the Legislature during 1965. The history of California State Route 215 The initial segment of what was to become California State Route 215 was added to the State Highway System as part of the 1909 First State Highway Bond Act.  The First State Highway Bond Act defined what would become  Legislative Route Number 19  (LRN 19) as running from Claremont to Riverside.  The segment of LRN 19 between Claremont and Pomona would in

US Route 70 over San Augustin Pass

San Augustin Pass is a gap in the Organ Mountains, San Augustin Mountains and San Andres in Dona Ana County east of Las Cruces.  San Augustin Pass lies an elevation of approximately 5,600 feet above sea level and was originally traversed by New Mexico State Route 3.  US Route 70 would be realigned over San Augustin Pass during 1934 when it was extended to Los Angeles, California.  During 1963 US Route 82 would be extended through San Augustin Pass to Las Cruces.  Since the early the early 1990s signage of US Route 82 has been withdrawn to Alamogordo.  San Augustin Pass and US Route 70 are largely known for the numerous closures due to test firings originating from the White Sands Missile Range.   Part 1; the history of highway designations over San Augustin Pass San Augustin Pass traditionally has been the easiest from the Rio Grande in Las Cruces east to the Tularosa Basin.  The terrain conditions at San Augustin Pass allowed for an easy crossing in the gap between the Organ Mountains