In a surprise announcement Monday, Governor Beverly Perdue and NC DOT Secretary Gene Conti announced an innovative financing plan which will result in beginning a process for the final segment of  I-485 before Thanksgiving. The Governor spoke to about 40 VIPS and the news media who gathered at the terminus of  I-485 near NC 115.

 Perdue said the State DOT  and Legislative leaders had worked out a creative financing plan combining traditional loop road funding from the Trust Fund, with GARVEE bonds and private funding from the contractor (will be repaid over 10 yrs.)  to ‘do more for less’.  By combining these three revenue streams in a ‘design-build’ approach to the project, the completion of this final 5 mile segment will occur in late 2014 or early 2015, a full 5 years earlier than anticipated.

Conti followed the Governor and explained that the State will actually approve three major projects at the same time.  First, the I-485 segment, then the I-85/I-485 interchange and the widening of I-85 to Rowan County.  He said the timing is right for seeking favorable bids from contractors, due to ‘market conditions’, with many bids coming in 20 per cent or more under estimates.

The DOT Secretary said Mecklenburg County’s air quality issues have not been fully worked out, and it will be May of 2010 before a new air quality plan is sent to EPA for final review and hopefully approval.  Assuming that will occur, Conti said he expects the construction actually beginning during the summer of 2010.