RALEIGH — Millions more in funding are being directed to help complete Raleigh’s final sections of the I-540 outer beltline, per a press release from the U.S. Department of Transportation (USDOT).
The USDOT’s Build America Bureau has approved a loan of up to $417.2 million for the North Carolina Turnpike Authority (NCTA) for Phase 2 of the Complete 540 Project in the Raleigh area.
“This important infrastructure project will provide congestion relief by allowing local north-south travelers options to avoid the busiest segments of 540 in southwest Raleigh,” Deputy Transportation Secretary Polly Trottenberg said in a statement. “Completing the route will also ensure the community has an additional evacuation route to help during emergencies such as hurricanes on the coast.”
“The Build America Bureau advances investment in transportation infrastructure by lending Federal funds to qualified borrowers; clearing roadblocks for credit worthy projects; and encouraging best practices in project planning, financing, delivery, and operations,” per the USDOT press release.
Phase 2 extends the Triangle Expressway by 10.8 miles and includes six interchanges, 24 bridges, and 14 culverts, with completion expected in 2028.
The loan, provided through the Transportation Infrastructure Finance and Innovation Act (TIFIA) and other financing, aims to expedite the project and reduce costs.
This is the fourth TIFIA loan for NCTA, bringing their total to $1.3 billion supporting approximately $4 billion in projects.
Last December, the NC Local Government Commission approved over $1.1 million in financing through a USDOT TIFIA loan for the NCTA to complete Phase 2 of the I-540 outer loop in Wake County.
State Treasurer Dale Folwell, who chairs the Local Government Commission issued a written statement to North State Journal about the loan.
“We are pleased that the U.S. Department of Transportation has approved a Transportation Infrastructure Finance and Improvement Act loan for $417.2 million to help complete construction on Phase 2 of the Complete 540 Project,” said Folwell.
“The TIFIA loan was authorized for up to $550,000 as part of the financing package approved by the Local Government Commission at its December meeting,” Folwell said. “Hats off to the LGC members and Department of State Treasurer staff for their important efforts helping to improve transportation corridors that are instrumental to economic development and job creation in North Carolina.”
