Gribblenation

The recent default on debt service by the privately operated Greenville Southern Connector (Toll Interstate 185) has led some South Carolina legislators concerned that a private-public partnership for construction of Interstate 73 in northeastern South Carolina. On January 1, the Connector 2000 Association defaulted on debt service .  They are currently trying to negotiatie with creditors on losses and repayments.  The SC Legislature recently voted down an ammendment that would have allowed the Connector 2000 Association to renegotiate terms and restructure their bonds.  The ammendment failed by a vote of 46 to 59.  The concern of most legislature is that SCDOT would become responsible for any of the losses on the road, specifically if Connector 2000 Association and the Southern Connector goes bankrupt. With one of the possible financing solutions for building Interstate 73 a public-private partnership, some legislators, such as Ken Kennedy, are concerned that ...

This is an interesting point that the opponents of the Garden Parkway are making. Does it carry any weight though? Opponents of the Garden Parkway - the NCTA project that runs through southern and western Gaston County - are using a South Carolina Toll Road as an example of a 'sure thing' toll road that hasn't lived up to expectations and promises. The troubled Southern Connector (aka Toll I-185) in Greenville, SC opened earlier this decade as a missing link in Greenville's transportation network. The highway afforded motorists the ability to bypass congestted areas of I-85 in the Greenville area. However, the Southern Connector more often than not sits empty. In fact, vehicular traffic is half than expected, and unless debt refinancing takes place the whole project is scheduled to go into default this coming January. Currently, the roadway handles about 8,000 vehicles a day. Over the past few years, the Connector has been using its reserves to pay off debt....