Skip to main content

I-485 financing plan - already a mess

Image
By
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
Labels:

Comments

Post a Comment

Popular posts from this blog

The case to move Interstate 73 in Southern Ohio onto US 33

By
Every decade or so, Ohio pushes to revisit the proposed Interstate 73 that would connect Michigan to Myrtle Beach, South Carolina.  It's been happening since Congress legislated the route in 1991.  Within Ohio, Interstate 73 generally follows the US 23 corridor from Portsmouth through Columbus to Toledo, and into Michigan. Since High Priority Corridor Five was created , Ohio has really done nothing to move forward with Interstate 73.  Sure, there have been feasibility studies here and there.  But actual dollars and construction just haven't occurred. The US 33 Nelsonville Bypass appears to have been built to Interstate standards. However, Ohio has been slowly upgrading US 33 to a full freeway through Southeastern Ohio.  Bypasses of Lancaster and Nelsonville opened in 2004 and 2013, respectively.  Other sections of two-lane road are being twinned, some to freeway or, at a minimum, to expressway standards.  Currently, a $274 million widening project in...
Post a Comment
Read more

Local Sign Find - The last remnant of Business Interstate 95 between Kenly and Rocky Mount , NC

By
As you head north on Interstate 95 at Exit 107 for Kenly and US 301, you'll notice something odd about the overhead sign for the exit.  Peeling off the sign for all that can see is the word 'NORTH' off-center from the US 301.  This old sign (probably close to original from when this section of I-95 opened - more on that in a little bit) gives a hint to a short-lived Business Interstate Route that ran from here to Rocky Mount. The last hint of the Kenly-Wilson-Rocky Mount Business I-95 (Shaun White - August 2020) Interstate 95 in North Carolina has a unique history.  But one of the overlooked and forgotten pieces of Interstate 95 in North Carolina is the 38 mile section between Kenly and Rocky Mount.  When opened to traffic in late 1978, it was the next to last piece of Interstate 95 in North Carolina to open replacing a four lane US 301 from Battleboro through Rocky Mount and Wilson to eventually tying back into the Interstate in Kenly. Though it was not delayed in l...
Post a Comment
Read more

Nostalgia fast food with style - Returning to Rax

By
Nostalgia. It sells. It evokes, and more accurately, warps memories of days gone by.  Things were better, simpler, and we eat it up. Nostalgia can make you drive three hours and over a hundred miles out of your way just to reconnect with a dying fast-food restaurant you last enjoyed in the early to mid-90s.  That person was me - that restaurant was Rax. I could go on about Rax's history, but in short, Rax was briefly a very popular roast beef fast-food chain.  Growing up in the 80s and early 90s in Western PA, Rax was the good fast-food spot.  The milkshakes.  (Personally, the chocolate chip milkshake was heaven.)  Uncle Alligator Kids Meal with the chocolate chip cookie. Take that McDonald's Happy Meal!  The fancy salad and hot foods bar.  Going to Rax was special.  Like so many similar restaurants, various investments, management decisions, etc., led Rax to almost disappear overnight.  By the time I graduated college in late 1999, abou...
Post a Comment
Read more