$417 million loan will help drive major North Carolina highway project

The North Carolina Turnpike Authority will receive a loan for up to $417 million from the federal government to help complete a highway project near Raleigh.

The loan will help fund Phase 2 of the $1.3 billion Complete 540 Project, which is expected to improve traffic flow in the fast-growing “Research Triangle.” Phase 2 will extend N.C. Highway 540 (Triangle Expressway) almost 11 miles around Raleigh. Plans include six interchanges, 24 bridges and 14 culverts. It will connect to the 17-mile Phase 1 project, which is currently under construction.

The NCTA wants to improve local mobility by adding five interchange connections to the local roadway network and a crossing over the Neuse River.

The project also provides an additional evacuation route from the coastlines in case of emergencies. The Triangle Expressway extension will mirror the existing Triangle Expressway as a 70 mph, six-lane all-electronic toll facility.

The loan is provided under the Transportation Infrastructure Finance and Innovation Act (TIFIA), a federal program that supports large-scale highway, transit and rail projects. It is the turnpike authority’s fourth TIFIA loan.

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