The U.S. Department of Transportation’s Build America Bureau recently provided the North Carolina Turnpike Authority with a $501.5 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan.
The funds will be used to finance the Complete 540 Project that will extend the Triangle Expressway an additional 17.1 miles in the greater Raleigh area. The current expressway is an 18.8-mile limited access toll road with three travel lanes per direction.
Expansion, which will occur in three segments, is expected to improve travel through the area during peak traffic periods.
Work includes 55 bridges, 25 box culverts, six new tolled lanes, and two stream crossings.
The expressway was funded by a $386.66 million TIFIA loan in 2009 and opened to traffic in 2013.
“This $501.5 million federal investment in transportation infrastructure in the Raleigh region will promote economic growth while enhancing mobility and reducing congestion for area residents and travelers,” Elaine L. Chao, U.S. Transportation secretary, said.
The turnpike authority will repay the loan with toll revenues generated from the expressway.
The department of transportation has closed nearly $6.2 billion in TIFIA loans since Chao became transportation secretary in January 2017. The loans have supported more than $21.2 billion in infrastructure projects nationwide.