Complete 540 groundbreaking celebration
- November 4, 2019
- Posted by: Natalie Griffith Ridout
- Category: Blog, Thursday thoughts at 3
The groundbreaking for Complete 540 on Wednesday, Nov. 13, 2019, is a momentous occasion for our region, and for the top transportation priority of the regional business community. It also represents the culmination of over a decade of advocacy.
Connecting 540 with I-40 will complete the backbone of the Triangle’s regional freeway network and create an essential link between metropolitan and rural North Carolina.
The transformative potential of this project has only grown over the past several years due to:
- Demonstrated success of existing 540 Turnpike, with 30% more revenue than projected since 2011, plus $103 million in interest savings due to effective financial management
- Interconnectivity with newly-designated primary interstate – future I-42 – providing critical linkage between eastern NC and Research Triangle Park
- Groundbreaking partnership in environmental protection
- New funding to deploy enhanced transit service along the 540 corridor and connecting roadways
- Upgraded financial rating (BBB or equivalent) from all three major rating agencies for existing 540 Turnpike revenue bonds due to strong performance
- Tolls projected to cover all operating and maintenance costs over life of new Complete 540 project and more than 2/3 of construction costs
The acceleration of 540 has enjoyed increasing anticipation from elected, business, and community leaders across multiple counties, as reflected by dozens of resolutions of support.
More to come at our annual meeting on January 17.
Let’s get moving,
Joe Milazzo II, PE
RTA Executive Director
RTA is the voice of the regional business community on transportation
post reference: th3.2019.45