North Carolina transportation officials are inching closer to a decision on whether to greenlight more express lanes on Interstate 77 in Charlotte.
Since last year, financial advisors have been analyzing the best way to move forward with the proposal to build NC Quick Pass lanes between Uptown Charlotte and the South Carolina border. The options were to use state money or to partner with a private developer to build the lanes.
Now, North Carolina Department of Transportation (NCDOT) officials believe if they don’t move forward with a private builder, the toll lanes will never happen. The state cannot afford to finance the project on its own, according to NCDOT.
The express lanes would be the most expensive transportation project in state history, partly because every interchange on I-77 between Uptown and South Carolina would need to be rebuilt, officials told WCNC Charlotte.
According to I-77 Mobility Partners, which owns the northern express lanes, about 300,000 drivers use them in a month. The company's recent report also says speeds in general lanes have increased 15% since its express lanes were built.
Last year, officials predicted the project would cost over $2 billion. Now, the price tag is around $3.7 billion.
If transportation officials find a private developer for the job, the state would contribute $600 million and the private company would cover the rest.
A few years ago, the developer behind the I-77 express lanes north of Uptown Charlotte asked to build the southern lanes. However, local leaders have previously said if they move forward with the project, they will open the bid to every company that’s qualified.
The Charlotte Regional Transportation Planning Organization board is set to vote in October on whether to move forward with public-private plan or not. If they vote no, NCDOT said research and work on the express lanes project would stop.
\Source: WCNC.com, WSOCTV.com
