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.”