North Carolina unveils rare finance plan to complete I-485

North Carolina could save money off proposed highway projects because contractors would be allowed to design and build the road and put up some of the financing, Perdue's office said.

The Associated Press

11/10/2009

CHARLOTTE, N.C. — Gov. Beverly Perdue introduced a plan Monday to complete the outer loop around North Carolina's largest city by 2015 in part through alternative financing that could save tens of millions of dollars.

Perdue said the state would put the last five miles of I-485 along the northeast side of Charlotte as well as two other area projects on the fast track. The loop project will begin next year, Perdue's office said in a news release.

The state could save money off the three projects valued at $540 million because contractors would be allowed to design and build the road and put up some of the financing, Perdue's office said.

"This innovative solution saves time, saves money for N.C.'s taxpayers, creates jobs and proves that North Carolina will develop new solutions to our 21st century transportation challenges," Perdue said.

Road contractors would be reimbursed over time for their share of the financing as a way to help state funds go further, Perdue spokeswoman Chrissy Pearson said.

Loop construction began in 1988 and was supposed to be finished six years ago. Before Monday, it had been on track to be completed in 2020, Pearson said.

The governor, speaking along I-485 and surrounded by Charlotte and state transportation officials, said the other two fast-track projects are an interchange connecting the loop to Interstate 85 and a road widening project for I-85 into Cabarrus County.

Perdue said in February that construction on the last section of I-485 would start by year's end. The state floated a plan to shift money away from another area project to do so, but Charlotte officials didn't like that idea.

Kevin Jones of The Trucker staff can be reached for comment at kevinj@thetrucker.com.

Follow The Trucker on Twitter at www.twitter.com/truckertalk.