The U.S. Department of Transportation’s Build America Bureau is providing up to a $501.5 million Transportation Infrastructure Finance and Innovation Act or TIFIA loan to the North Carolina Turnpike Authority – a division of the North Carolina Department of Transportation – to help finish the Complete 540 Project in the greater Raleigh area.
[Above graphic image via the NCDOT.]
According to a USDOT statement, the Complete 540 Project will extend the Triangle Expressway an additional 17.1 miles, increasing capacity by adding six new tolled lanes – three in each direction – as well as build several interchanges with intersecting roads, 55 bridges, 25 box culverts, and two stream crossings.
The Tri-Ex is a six-lane, 18.8-mile limited access toll road with three travel lanes per direction that opened in January 2013. The ongoing Complete 540 Project was split into three segments, each with separate design-build contracts to provide participation opportunities to contractors of various sizes and resources, the agency said.
The primary source of repayment for the TIFIA loan will be the toll revenues generated on the Tri-Ex System, which includes this project, USDOT noted.