The U.S. Department of Transportation (USDOT) announced Monday that it would provide the North Carolina Turnpike Authority p to $499.5 million for the Complete 540 Phase 1 Project.
As part of the USDOT’s Build America Bureau, the funding would be authorized under the Transportation Infrastructure Finance and Innovation Act (TIFIA) and other surface transportation through the bureau.
The loan is part of COVID-19 relief to borrowers and will replace the current TIFIA loan provided to NCTA in December 2019. Financing part of the project’s construction, the loan’s lower interest rate will give NCTA significant savings in interest. The money will be used to construct a 17.1-mile six-lane extension of the existing Triangle Expressway Toll road.
The project is the first phase of a larger project to complete the 540 Outer Loop around the greater Raleigh area. Once complete, the outer loop will improve mobility and reduce forecasted congestion, resulting in substantial reductions in travel times. Additionally, it will provide more route choices for those who live, work and travel through the area.
NCTA expects to open the Project by July 2023. Procurement of the Project will be split into segments that will provide participation opportunities for local design and construction industry members and contractors of various sizes and resources. Approximately $80 million in work will be provided by disadvantaged business enterprises.