Credit turmoil delays NC project

Financing for the $1 billion Triangle Expressway in Raleigh NC is delayed because of the breakdown of the capital markets. North Carolina Turnpike Authority officials are saying: "Credit windows are closed right now." The Authority wants to go to the markets with about $600m of toll revenue bonds. A federal TIFIA loan would provide another $400m.

They want to get started on construction of the 30km (18.8mi) 3+3 lane tollroad now, with design and permitting complete and civil works contracts in place.  Also an RFP for the toll system is out.

Exec Dir David Joyner says he's hopeful the turmoil will settle down sufficiently to allow the financing to proceed.

TOLLROADSnews 2008-10-10