...authority time to secure financing.

On July 29, the authority closed on approximately $270 million in toll revenue bonds and $353 million in state appropriation bonds. It also secured a $386-million federal Transportation Infrastructure Finance and Innovation Act loan to complete the project’s $1.01-billion financing package.

Photo: The LPA Group.

The aerial photo shows the existing conditions along Old U.S. 1, one of the locations where a new interchange will be built as part of the Western Wake Freeway project.

Image: The LPA Group.

The image shows the same section of U.S. 1, along with a rendering of the proposed interchange.

The expressway will use an all-electronic toll-collection system, so drivers will not need to stop to pay tolls. Overhead cameras will snap photographs of any cars without a transponder and bill appropriately.

The North Carolina Legislature created the turnpike authority in 2002 in response to concerns about rapid growth, heavy congestion and dwindling resources. It approved this project in 2005.

The North Carolina Dept. of Transportation built the 2.8-mi Northern Wake Expressway with State Transportation Improvement Program funds. The first section opened in 1997 and additional sections in 2007. NCDOT has transferred the road to the turnpike authority, so it can function as a contiguous toll facility and generate income to support construction of the other sections.

Useful Sources:

North Carolina Turnpike Authority
http://www.ncturnpike.org/projects/Triangle_Expressway/