NCDOT Announces Financial Close on I-77 Express Lanes Project Wednesday, May 20, 2015

CHARLOTTE – The N.C. Department of Transportation, together with I-77 Mobility Partners, announced today that they have achieved financial close on the I-77 Express Lanes Project. Construction is slated to begin this summer on the innovative public-private partnership that will reduce congestion and provide reliable travel time to one of the state’s most congested corridors.

Financial close means that both I-77 Mobility Partners and NCDOT have completed financing requirements necessary for the project to move forward. That process includes months of review by the Local Government Commission (that includes the State Treasurer, State Auditor, Secretary of State and Secretary of Revenue) and the Federal Transportation Infrastructure Finance and Innovation Act (TIFIA) Credit Council. NCDOT received approval from both and secured funding at historically low interest rates.

The public-private partnership (P3) between NCDOT and I-77 Mobility Partners facilitates the completion of the I-77 Express Lanes project by 2018, instead of relying on traditional funding to make piecemeal improvements to the I-77 Corridor during the next two decades. The express lanes project will give drivers the choice to pay a toll that guarantees reliable travel time or remain in the general purpose lanes for free.

The I-77 Express Lanes Project will provide immediate and long-term traffic management solutions within three years. Under the agreement, NCDOT is investing $95 million directly in the I-77 Express Lanes project, and an additional $145 million in other transportation projects (bonus allocation funds) for a total $240 million investment in the region, significantly more than any other single project in the proposed highway bond list.


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