Skip to main content

It seems like the NC Treasurer's Office has been against Perdue's I-485 plan since October

Though NCDOT asserts that the NC Treasurers Office was in support of Governor Perdue's design-build-finance plan to complete Interstate 485, recently released e-mails from the treasurer's office suggest otherwise.

In an article in the Charlotte Business Journal, a number of e-mails within the treasurer's office show a strong sense of skepticism to the non-traditional construction plan.

The strongest critic seems to be Deputy Treasurer Vance Holloman who considers the design-build-finance plan as 'wild'.

Holloman goes as far to say, "[NCDOT's plan] of paying interest and principal over 10 years is not permitted by GS (General Statute)."

The Governor's office has already stated that they have consulted with the State Attorney General's office and that the plan is legal.

It appears that the root of this squabble is how to finance the road. The treasurer's office prefers to use up to $400 million in GARVEE (Grant Anticipation Revenue Vehicles) funds to fund the project. GARVEE funds do not go against the state's bond capacity. Something that the debt owed to the contractor in the design-build-finance plan would do.

However, the drawback with using GARVEE funds, NCDOT would have to reprioritize other projects. With Governor Perdue's campaign promise to Charlotte to start construction on the missing link of Interstate 485 in the balance, in addition to having limited transportation funds and a number of cities clamoring for completion of unbuilt freeway loops, it appears the NCDOT didn't want to anger Charlotte let alone the other cities again.

So now we wait for Attorney General Roy Cooper's office to come out and say whether or not this finance plan for I-485 is or is not prohibited by North Carolina's General Statutes.

Well it looks like Bev Perdue was right about one thing....she was going to get all parts of government and Raleigh and Charlotte working together...somehow I'd say this isn't exactly what she had in mind.

Story Links:
Legal concerns raised over I-485 financing plan ---WRAL
Documents: Treasurer was skeptical of I-485 Plan ---Charlotte Observer
Cat fight in Raleigh over I-485 -The CLog

Comments

Popular posts from this blog

Niagara Falls

  Arguably the world's most famous waterfall, or rather a set of waterfalls, Niagara Falls may not need much of an introduction, as it is a very popular tourist attraction in both New York State and the Province of Ontario, a destination of plenty of honeymooning couples, vacationing families and college students out for a good time for a weekend. Niagara Falls is also the site of many daredevil activities over the years, such as tightrope walking and going over the falls in a barrel. It is always nice to have a bit of a refresher, of course. Niagara Falls is made up of two main waterfalls, American Falls (also known as Rainbow Falls), which is on the American side of the border and Horseshoe Falls (also known as Canadian Falls), where the border between the United States and Canada crosses. There is also a smaller waterfall on the New York side of the border, which is Bridal Veil Falls. The height of the waterfalls are impressive, with Horseshoe Falls measuring at

The Smithtown Bull in Smithtown, New York

  Before I moved to Upstate New York as a young man, I grew up in the Long Island town of Smithtown during the 1980s and 1990s. The recognizable symbol of Smithtown is a bronze statue of a bull named Whisper, located at the junction of NY Route 25 and NY Route 25A near the bridge over the Nissequogue River. Why a bull, you may ask. The bull is a symbol of a legend related to the town's founding in 1665 by Richard "Bull" Smythe, with a modernized name of Richard Smith. It also so happens that there is a story behind the legend, one that involves ancient land right transfers and some modern day roads as well. So the story goes that Smythe made an agreement with a local Indian tribe where Smythe could keep whatever land he circled around in a day's time riding atop his trusty bull. Choosing the longest day of the year for his ride, he set out with his bull Whisper and went about riding around the borders of the Town of Smithtown. As legend has it, Smythe t

Route 75 Tunnel - Ironton, Ohio

In the Ohio River community of Ironton, Ohio, there is a former road tunnel that has a haunted legend to it. This tunnel was formerly numbered OH 75 (hence the name Route 75 Tunnel), which was renumbered as OH 93 due to I-75 being built in the state. Built in 1866, it is 165 feet long and once served as the northern entrance into Ironton, originally for horses and buggies and later for cars. As the tunnel predated the motor vehicle era, it was too narrow for cars to be traveling in both directions. But once US 52 was built in the area, OH 93 was realigned to go around the tunnel instead of through the tunnel, so the tunnel was closed to traffic in 1960. The legend of the haunted tunnel states that since there were so many accidents that took place inside the tunnel's narrow walls, the tunnel was cursed. The haunted legend states that there was an accident between a tanker truck and a school bus coming home after a high school football game on a cold, foggy Halloween night in 1