North Carolina will make use of low-interest federal GARVEE bonds to accelerate construction schedules for urban loops in Winston-Salem, Wilmington, Fayetteville, Greenville, Greensboro, Asheville and Fayetteville, Gov. Bev Perdue said today.
Most of the projects will move ahead about two years sooner than scheduled.
In Winston-Salem, where there had been no funding reserved and no schedule established for the future I-74 Northern Beltway, Perdue said the state will begin buying right-of-way in 2012 and start construction in 2015.
Other loops that will benefit from earlier schedules are:
- I-295 Fayetteville Outer Loop: construction to start in 2019
- I-73 Greensboro Western Loop: construction 2017
- I-785 Greensboro Eastern Loop: construction 2019
- I-26 Asheville Connector: Construction in 2020
- N.C. 11 / N.C. 903 Greenville Southwest Bypass: Construction in 2020
- I-140 / U.S. 17 Wilmington Bypass: Completion, open for traffic in 2016
GARVEE stands for Grant Anticipation Revenue Vehicle. The state makes early use of federal highway money it otherwise would receive in future years. Because construction costs are expected to be higher in future years, DOT officials say the state saves more in lower construction costs than it pays in interest on the GARVEE bonds.
“Investing in our state’s infrastructure is about jobs,” Perdue said in a press release. “Not only will it create jobs, but it also will build an efficient transportation network that will attract new businesses and bring more jobs to our state in the future.”
Bruce Siceloff reports on traffic and transportation. A News & Observer reporter, editor and blogger since 1976, he took over the
Comments
Outer Loop funding
Wed, 09/07/2011 - 18:48 — jeff924Much of I-295 from I-95 to Fort Bragg is already well underway and fully funded. The sections the governor speaks of apparently is for the remaining unfunded sections from Fort Bragg to U-S 301 near Hope Mills
Mobility fund?
Wed, 09/07/2011 - 18:22 — dubch87Has there been any word on NCDOT's new Mobility Fund? This is the new source of funding that is financing the I-85 bridge project over the Yadkin River. The NCDOT website says "In the spring of 2011, the Department expects to score and evaluate Mobility Fund candidate projects according to the final project criteria and selection process. Projects will be programmed as soon as funds are available."
Just wondering what, if anything, is happening.
'Tis a pity
Wed, 09/07/2011 - 17:04 — renmandfxThat Fort Bragg should continue to be stranded for what will turn out for well over a decade by not having direct by-pass loop access to I-95. Rather, our military will have to still travel over regular city streets to wend their way to the highway.
Why, given the increasing size and importance of Fort Bragg (the most multi-star generals save only the Pentagon itself) and it's many newly added commands are they made to wait until 2019 for work to commence?
Fort Bragg (aka Fayetteville) should be moved to the front of the line -- as in start now! -- in support of our military and as our thanks to them for protecting us.