Tuesday, January 12, 2010

Lawyers: I-485 financing plan is legal

Posted By on Tue, Jan 12, 2010 at 7:26 PM

And, we're on ... again. Now, to find contractors that want to front the money.

The Attorney General's Office says a proposal to complete the outer loop around North Carolina's largest city using an extended payment plan is legal.

Attorney General Roy Cooper's chief deputy wrote Tuesday there's nothing that appears to prohibit an alternative financing plan for the final stretch of Interstate 485. The word came in a formal advisory opinion to Transportation Secretary Gene Conti.

Gov. Beverly Perdue proposed in November completing the final five miles of I-485 and an interchange by asking private contractors to put up to $50 million toward construction. The state would pay bid winners over a 10-year period.

Read the rest of this MSNBC/ NewsChannel 36 article here.

Should the loop every actually be completed, this is what the I-85/ I-485 interchange is supposed to look like:

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