Complete 540 Phase 1 project in North Carolina secures federal loan

Loan will replace the current TIFIA loan provided to NCTA for the project in December 2019

August 09, 2021 / 1 minute read
Complete 540 project North Carolina
Image: North Carolina DOT

The U.S. Department of Transportation (U.S. DOT) will provide up to $499.5 million to the North Carolina Turnpike Authority (NCTA) for the Complete 540 Phase 1 Project.

The U.S. DOT provides Transportation Infrastructure Finance and Innovation Act (TIFIA) and other surface transportation infrastructure financing through the Build America Bureau.

As part of COVID-19 relief to borrowers, this loan will replace the current TIFIA loan that the Bureau provided to NCTA for the project in December 2019, U.S. DOT said in a press release. The lower interest rate on the new loan will provide NCTA significant interest cost savings. The loan proceeds will finance part of the construction of the project, which consists of a 17.1-mile six-lane extension of the existing Triangle Expressway Toll road.

It is the first phase of a larger project to complete the 540 Outer Loop around greater Raleigh area. Once the Loop is fully complete, it will improve mobility for trips and reduce forecasted congestion on the existing roadway network in the project area with substantial reduction in travel times. It will also provide more route choices for those who live, work, or travel though the area.

Procurement of the project was split into small segments to provide additional participation opportunities for local design and construction industry, and for contractors of various sizes and resources, including disadvantaged business enterprises (DBE) to participate. Approximately $80 million in work is to be provided by DBE. Project construction is already underway and is on budget. NCTA expects to open the project by July 2023.

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SOURCE: U.S. DOT

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