Perdue announces plans to accelerate urban loop projects


WNCT reports Gov. Bev Perdue announced at the Piedmont Triad Regional Transportation Summit a new plan to accelerate urban loop projects in six North Carolina cities.

Perdue said the plan moves critical transportation projects forward faster and sustains and creates jobs, “Investing in our state’s infrastructure is about jobs. Not only will it create jobs, but it also will build an efficient transportation network that will attract new businesses and bring more jobs to our state in the future.”

The plan will use Grant Anticipation Revenue Vehicle, or GARVEE bonds, and significantly advances the purchase of right of way or the start of construction on urban loop projects in Greenville, Asheville, Fayetteville, Greensboro, Wilmington and Winston-Salem. GARVEE bonds allow the N.C. Department of Transportation to borrow against future federal funding.

The urban loop program totals 353 miles, 140 of which are currently open to traffic. The estimated cost to build out the remaining 213 miles is about $8 billion. At the previous funding rate, it could have taken more than 50 years to complete the program. Read more.