Skip to main content

Yadkin River Bridge Project only receives $10 million in TIGER Grants; NCDOT to consider other financing methods

Image
By
As I mentioned in an earlier blog post, NCDOT only received $10 million in TIGER Grant Funding for the I-85 Yadkin River Bridge project.  The state had applied for the maximum of $300 million for this project.  Though NCDOT was pleased to receive money for the needed project, they were disappointed, "Obviously the $300 million would have enabled us to build it faster, and be able to use those resources for other transportation needs in North Carolina. We’re extremely disappointed," said Ted Vaden, an NCDOT Deputy Secretary.

The overall project - building a new eight-lane Yadkin River Bridge, widening a total of eight miles of I-85 on both sides of the new bridge, and rebuilding interchanges - is estimated to cost closer to $400 million.

The Salisbury Post reports that the $10 million will basically cover administration costs that will be used to achieve additional funding to construct the bridge.  As part of the awarding of the grant, NCDOT is eligible for "optional innovative financing enhancements to support a direct loan for up to one-third of the project costs" or Transportation Infrastructure Finance and Innovation Act (TIFIA) loans.  TIFIA loans, similar to what the NCTA received last year for the Triangle Expressway, allow state and other DOT's to receive "federal credit assistance in the form of direct loans, loan guarantees, and standby lines of credit to finance surface transportation projects of national and regional significance."

Of course, this money would need to be paid back.  And according to an interview with the Charlotte Observer's Mary Newsom, North Carolina Transportation Secretary Gene Conti said without a revenue stream to repay the TIFIA loan it is best to take the cash.

So my initial thought was that the proposals to toll the Yadkin River Bridge may resurface.  But, I am incorrect.

According to the Raleigh News & Observer's Bruce Siceloff, NC DOT will use "...$150 million in federal GARVEE bonds -- basically a loan against future federal highway dollars -- plus $20 million in other state funding and the $10 million federal stimulus grant..."

So that's only $180 million...what about the remaining $200+ million for the whole project, you may be asking?.  Well, it's going to be put on hold.  NCDOT will now only construct the new eight lane Yadkin River Bridge.  The highway widening and reconstruction of Interstate 85 north of the bridge will be put on hold.  So the bottleneck will still exist from the Yadkin River to Business I-85 (Future I-285) near Lexington.  (Roughly from bridge to mile marker 86).

NCDOT plans to place the contracts for the new replacement Yadkin River Bridge out to bid this coming April.  Construction may start as soon as this coming October.  Construction is expected to last three years.

The good news - the 55 year old Yadkin River Bridge is going to be replaced.  But the Yadkin River Bridge area on I-85 is going to continue to be a choke point for years to come.
Labels:

Comments

Post a Comment

Popular posts from this blog

Former US Route 50 and the Pioneer Route Lincoln Highway on Johnson's Pass Road

By
Johnson's Pass Road is one of the oldest highway corridors in California.  Johnson's Pass was part of the Lake Tahoe Wagon Road as it was completed during 1856 over the Sierra Nevada.  The pass would later be incorporated into the Pioneer Branch of the Lincoln Highway in 1913 and US Route 50 in 1926.  Johnson's Pass Road would be bypassed by a new alignment of US Route 50 over Echo Summit in 1938.  A replacement of the Meyers Grade east of Johnson's Pass would be opened to traffic in 1947.   Johnson's Pass Road remains accessible to traffic and is still signed by the Lincoln Highway Association.  Pictured as the blog cover is the view from the top of Johnson's Pass Road overlooking modern US Route 50 and Lake Tahoe.   Part 1; the history of Johnson's Pass Much of the history of what become the Lake Tahoe Wagon Road is discussed in the  September 1950 California Highways & Public Works  during its Centennial Edition.  The or...
Post a Comment
Read more

Former US Route 50 and the South Lincoln Highway from Folsom east to Placerville

By
The corridor of Folsom of Sacramento County east to Placerville of El Dorado County has been a long established corridor of overland travel dating back to the California Gold Rush.  The Folsom-Placerville corridor was once part of the path of the Lake Tahoe Wagon Road which became the first California State Highway and later the South Lincoln Highway.  In time the South Lincoln Highway's surface alignment was inherited by US Route 50.  The Folsom-Placerville corridor also includes the communities of; Clarksville, Shingle Springs and El Dorado. Part 1; the history of the Lake Tahoe Wagon Road, South Lincoln Highway and US Route 50 through Folsom-Placerville Folsom is located on the American River/Lake Natoma of eastern Sacramento County.  That lands now occupied by the City of Folsom were part of Rancho Rio de los Americanos prior to the finding of gold at Sutter's Mill during 1848.  During the California Gold Rush the lands of Rancho Rio de los Americanos were p...
Post a Comment
Read more

Old NC 10 - The Central Highway: Old Fort to Black Mountain through the Royal Gorge

By
A unique way of tracing the remnants of the Central Highway is through the mountainous terrain of Eastern Buncombe and Western McDowell Counties.  From the east on US 70, you reach the base of Blue Ridge Mountains at the town of Old Fort.  Old Fort is a tiny rail town that the old Central Highway and now US 70 goes through.  The Central Highway can be followed via a right onto Mill Creek Road from US 70.  Follow the highway as it takes you closer to the mountains.  When Mill Creek Road bears right to head towards Andrews Geyser stay straight until the road ends at a gate.  The nearby Piney Grove Church can be used for parking.  At this point, the old Central Highway began a 3.5 mile climb of the mountain to Swannanoa Gap.  NC 10 and later US 70 travelers followed this road for over 30 years until a new and modern four lane US 70 was built to the south.  This same four lane road would eventually become Interstate 40.    The Centra...
Post a Comment
Read more