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

California State Route 190; a Trans-Sierra Highway that could have been

This past week I decided to take a small scale road trip on California State Route 190 from CA 99 east to the unbuilt section over the Sierra Nevada Range.  While I was in for what turned out to be a fun drive following the course of the Tule River watershed what I found researching the back story of CA 190 was one of the most complex and unusual stories of any California State Highway.  Given that I had a ton of older photos of the eastern segment of CA 190 in the Mojave Desert of Inyo County I thought it was time to put something together for the entire route. The simplified story of CA 190 is that it is a 231 mile state highway that has a 43 mile unbuilt gap in the Sierra Nevada Range.  CA 190 is an east/west State Highway running from CA 99 in Tulare County at Tipton east to CA 127 located in Death Valley Junction near the Nevada State Line in rural Inyo County.  The routing CA 190 was adopted into the State Highway system as Legislative Route 127 which was adopted in 1933 acc

I-73/I-74 and NC Future Interstates, Year in Review 2022

Another year over, already? 2022 turned out to be quite the year if you are a fan of new interstate routes, and it wasn't bad for some long standing favorites. As per the tradition, I will review what happened with I-73 and I-74, and then the other new and future interstate routes in North Carolina... Work continued on the one segment of I-73 under construction, the I-73/I-74 Rockingham Bypass. As of the beginning of December, work was getting close to being 2/3 complete at 60.1%. Progress could be seen from US 74 on constructing of the future interchange at the Bypass's southern end. Here's a look from US 74 East in September from Google Maps Street View: Here's a photo from US 74 West taken last week by David Gallo: Work is now scheduled to be completed in October 2025, though the road itself could open earlier that year.  Progress on I-74 earned more publicity in 2022 with the opening of 7.5 more miles of the Winston-Salem Northern Beltway from US 311 (Exit 49) to NC

Interstate 605

Interstate 605 is a 27.4-mile freeway located in the Los Angeles Metropolitain Area.  Interstate 605 begins at Interstate 210 near Duarte and terminates at the Interstate 405/California State Route 22 junction to the south near the boundary to the city of Long Beach.  Interstate 605 is known as the San Gabriel River Freeway and has three unconstructed miles which would extend it south to California State Route 1 near Seal Beach.  Much of the corridor of Interstate 605 was built up from what was the original California State Route 35.  The blog cover photo is taken from the July/August 1964 California Highways & Public Works which featured the initial segment of Interstate 605 to open between Whittier Boulevard and Peck Road  Part 1; the history of the San Gabriel River Freeway and Interstate 605 The origin of what is now Interstate 605 begins during 1933 with the addition of Legislative Route Number 170 (LRN 170) to the State Highway System.  The original definition of LRN 170 was