Skip to main content

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

Image
By
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
Labels:

Comments

Post a Comment

Popular posts from this blog

Rep. Sue Myrick's letter to Gov. Easley and Sect. Tippett published in Charlotte Observer

By
US. Representative Sue Myrick's (R-Charlotte) letter to North Carolina's Governor Mike Easley and NC Transportation Secretary Lyndo Tippett was published in the Friday, November 30th edition of the Charlotte Observer . Why are we delaying the completion of 1-485 in Charlotte again? I read in The Charlotte Observer how rising prices of materials are leading to the delay. Why didn't these same rising costs delay the loops in Fayetteville and Wilmington? Why are we building loops in Fayetteville and Wilmington before we complete the one in Charlotte? We were working on the one in Charlotte back when I was mayor. That was 20 years ago! ... Last I looked Charlotte was the largest city in the state. There seems to be no recognition of that fact in Raleigh. No recognition that we are at a standstill with traffic. No recognition that we have a traffic problem. Nor is there any recognition of the fact that the state DOT utterly botched up the southern leg of our yet to be completed ...
Post a Comment
Read more

New River Gorge National Park & Preserve - Sandstone Falls

By
The New River, which runs through New River Gorge National Park & Preserve, is best known for its dramatic rapids and whitewater adventures.  Those features begin at one of the river's widest points: Sandstone Falls. From the Sandstone Falls Boardwalk a look at just a small part of the falls. Though the vertical drop of roughly 20 feet is less than many other well-known waterfalls in the state, the falls' expanse, where the river approaches 1500 feet wide, makes Sandstone Falls impressive.   The Boardwalk Trail leads to a better vantage point of the overall falls. It is a great spot for photography, fishing, or laying out in the sun. Access to the falls is relatively easy: from Hinton, cross the New River on Highway 20, then turn right onto CR 26 and follow New River Road to the Sandstone Falls Parking Area. The Island Loop Trail is a short detour off the Boardwalk Trail and shows a quieter side of the area. At Sandstone Falls, you will find a variety of activities fr...
1 comment
Read more

I-90 in Albany, New York and the Berkshire Spur

By
Today's Albany Times Union has a segment in their weekly Getting There? column that explains some of the history behind how I-90 is designated in the Albany, NY area as well as the Berkshire Spur. The long and short of the article was that I-90 was originally designated on the unsigned portion of the Berkshire Spur, but as free I-90 was built, the designation was moved onto the free portion of road. Additionally, there were talks in 1999 between state and federal officials about the possibility of moving I-90 back onto the unsigned portion of the Berkshire Spur, while extending I-88 onto what we know as free I-90. There would have also had been an I-88/I-90 multiplex between Rotterdam and Albany as a result. http://www.timesunion.com/AspStories/story.asp?storyID=916307
Post a Comment
Read more