The North Carolina Department of Transportation (NCDOT) and the I-77 Mobility Partners are close to reaching an agreement to finance the Interstate 77 Express Lanes Project.
The project will consist of infrastructure repairs and renovations on a 26-mile stretch of I-77 between Charlotte and Mooresville in order to give commuters more options while also increasing the carrying capacity of the interstate allowing for more vehicles to travel safely.
The financing of the project had to be revised in order for Transportation Infrastructure Finance and Innovation Act (TIFIA) loans to be worked out. The deadline was extended from Jan. 20 to April 2.
During that time, Mobility Partners agreed on a new proposal that was submitted to the Federal Highway Administration. The new proposal decreased the burden on the TIFIA loan, leaving it at $189 million as opposed to $215 million.
The I-77 Mobility Partners agreed to invest approximately $250 million, which brings the total financing of the project to approximately $533 million with $94 million coming from NCDOT.
The express lanes project is expected to be completed in 2018 assuming that the proposal is accepted and the project receives TIFIA funding.
The TIFIA program was implemented to allow financial assistance to national and regional transportation projects deemed to be significant.
The deadline for the financing agreement has been moved to May 17.