2012/12/29: The Triangle Expressway (TriEx), North Carolina's first modern era tollroad is now open over its full length and tolls will be collected beginning January 2, 2013. The opening of the third of three phases was Thursday December 20.
North Carolina has quietly multiplied its mileage of tollroad in recent days to 13 miles from 3.4 miles. Thursday morning August 2 tolling was in operation on 13 miles of the Y-shaped northern portion of the Triangle Expressway (TriX) project (blacked in the map nearby.)
2012-05-02: The Raleigh News Observer reports that Raleigh area commuters who drive the southern portion of the Triangle Expressway or NC-540 have been sent "baffling bills" and "perplexing messages" telling them "they owe nothing for driving on the part… not yet under toll."
It turns out this is simply MAR-KET-ING!
The first toll road in North Carolina in the modern era, the Triangle Expressway on the west side of the Raleigh metro area at Research Triangle Park is set for opening of its first and northern phase this Thursday December 8.
North Carolina Turnpike Authority (NCTA) people say they have signed well priced contracts for all-electronic toll systems for the new Triangle Expressway. Overall cost of three of four toll procurements was $37.6m v $46.5 engineers' prior estimate - a 19% saving.
Rarely do grown men look as ridiculous in public as when dressed in suits and ties, name plates on their lapels, they don hardhats and stand in a line along some artificial mound of freshly dug soil with glitzily painted shovels to throw a ritual shovelful in a "groundbreaking ceremony." But the ole boys some call 'dignitaries' did it again this week, Aug 12.
North Carolina Turnpike Authority (NCTA) have financed their first tollroad, the Triangle Expressway, raising $1,010m. Last Friday they executed a federally supported TIFIA loan for $387m, while on Monday and Tuesday they sold $270m of toll revenue bonds and $353m of state appropriation revenue bonds. The appropriations pledged bonds relate to 25m/yr committed from the state treasury for the project.
North Carolina Turnpike Authority are planning to offer bonds to finance the Triangle Expressway July 1 hoping to start work a couple of weeks later on the billion dollar tollroad on the west of Raleigh. Their bonds were only rated BBB- which means they could pay a couple of percentage points higher than A-rated bonds. But they have legislative approval (SB750) to do a refinancing whenever market conditions make that advantageous.
North Carolina Turnpike Authority (NCTA) has a new financing strategy to move the Triangle Expressway project that has been stalled the past seven months by the financial meltdown - doing revenue bonds and gap-bond sales separately. Chief executive of the Turnpike David Joyner told us today: "We've got a new plan of finance that we're hopeful will get us out of the impasse. It's a bifurcation of the revenue into two streams to service two separate sets of bonds."
North Carolina Turnpike Authority have received bids totaling $584m for design-build of the three-part Triangle Expressway project in the western part of Raleigh. That's well within preliminary cost estimates of around $645m. The Triangle Expressway work consists of:
- Triangle Parkway 5.5km (3.4 miles) a connector road to NC147 and I-40 West