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$1.1 Billion Raleigh Outer Loop Financing Before Local Government Commission
Press Release:
(Raleigh, N.C.) The N.C. Turnpike Authority is asking the Local Government Commission (LGC) to approve an application for revenue bonds and a Transportation Infrastructure Finance & Innovation Act (TIFIA) loan through US-DOT. Each are not-to-exceed $550 million and would be used to begin work on Phase 2 of the Complete 540 project, also known as Raleigh's Outer Loop. The LGC will vote on the matter at its meeting Tuesday, Dec. 5.
The 10-mile project from I-40 to U.S. 64 in Knightdale is intended to connect Apex, Cary, Clayton, Fuquay-Varina, Garner, Holly Springs and Raleigh, while relieving traffic on I-440, I-40, I-87, N.C. 42, N.C. 55 and Ten Ten Road. Construction is scheduled to begin in Spring 2024, with the project opening to traffic in 2028.
The LGC is chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer (DST). It has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission examines whether the amount of money that units borrow is adequate and reasonable for proposed projects and confirms the governmental units can reasonably afford to repay the debt. It also monitors the financial well-being of more than 1,100 local government units.
Among other items on the meeting agenda for approval is a memorandum of understanding for the town of Eureka to transfer administrative, financial and operational ownership of its wastewater system to the town of Fremont contingent upon successful fulfillment of a number of considerations. Both towns are in Wayne County.
Eureka, which has a population of 183, has been under the financial management of the LGC since July 2019. It has 108 sanitary sewer connections. Fremont, population 1,463, has 735 sanitary sewer connections. Fremont has been accepting and treating wastewater from Eureka, but both are designated as distressed utilities. Eureka was awarded a $20 million state appropriation for water and wastewater infrastructure improvements that will be used to address the issues with its system.
The city of Durham (Durham County) is seeking LGC approval to issue $181 million in bond anticipation notes (BANs) to extend, add on, improve and replace utility infrastructure and equipment. A BAN is a short-term, interest-bearing security issued in anticipation of a larger bond issue in the future.
Chowan County is asking the LGC to sign off on an installment financing totaling nearly $35 million to support the replacement of John A. Holmes High School, which was built in 1950 and supports 600 students. It is the only high school serving the Edenton-Chowan School District. The county plans to build a 146,644-square-foot school in its place. An installment financing allows for repayment of the loan over time.
The Raleigh Housing Authority (Wake County) has two items on the agenda totaling $56 million. It is seeking the OK for $30 million in conduit revenue bonds to loan to KTJ397, a Minnesota limited partnership. Proceeds would pay for a 180-unit multifamily rental housing development to be known as Birch and Branch Apartments. A $26 million conduit revenue bond would be used to loan to Gresham Lake Family, a North Carolina limited partnership. It would use the proceeds to build a 156-unit multifamily rental housing development to be called The Preserve at Gresham Lake.
Also seeking a green light for financing are:
What:
Local Government Commission
December meeting
When:
Tuesday, Dec. 5, at 1:30 p.m.
Where:
Department of State Treasurer
3200 Atlantic Ave.
Raleigh, N.C. 27604
Online:
GoTo Webinar
https://attendee.gotowebinar.com/register/2401195292143907929
Contact:
Email: press@nctreasurer.com
Phone: (919) 814-3820
Go Back
(Raleigh, N.C.) The N.C. Turnpike Authority is asking the Local Government Commission (LGC) to approve an application for revenue bonds and a Transportation Infrastructure Finance & Innovation Act (TIFIA) loan through US-DOT. Each are not-to-exceed $550 million and would be used to begin work on Phase 2 of the Complete 540 project, also known as Raleigh's Outer Loop. The LGC will vote on the matter at its meeting Tuesday, Dec. 5.
The 10-mile project from I-40 to U.S. 64 in Knightdale is intended to connect Apex, Cary, Clayton, Fuquay-Varina, Garner, Holly Springs and Raleigh, while relieving traffic on I-440, I-40, I-87, N.C. 42, N.C. 55 and Ten Ten Road. Construction is scheduled to begin in Spring 2024, with the project opening to traffic in 2028.
The LGC is chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer (DST). It has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission examines whether the amount of money that units borrow is adequate and reasonable for proposed projects and confirms the governmental units can reasonably afford to repay the debt. It also monitors the financial well-being of more than 1,100 local government units.
Among other items on the meeting agenda for approval is a memorandum of understanding for the town of Eureka to transfer administrative, financial and operational ownership of its wastewater system to the town of Fremont contingent upon successful fulfillment of a number of considerations. Both towns are in Wayne County.
Eureka, which has a population of 183, has been under the financial management of the LGC since July 2019. It has 108 sanitary sewer connections. Fremont, population 1,463, has 735 sanitary sewer connections. Fremont has been accepting and treating wastewater from Eureka, but both are designated as distressed utilities. Eureka was awarded a $20 million state appropriation for water and wastewater infrastructure improvements that will be used to address the issues with its system.
The city of Durham (Durham County) is seeking LGC approval to issue $181 million in bond anticipation notes (BANs) to extend, add on, improve and replace utility infrastructure and equipment. A BAN is a short-term, interest-bearing security issued in anticipation of a larger bond issue in the future.
Chowan County is asking the LGC to sign off on an installment financing totaling nearly $35 million to support the replacement of John A. Holmes High School, which was built in 1950 and supports 600 students. It is the only high school serving the Edenton-Chowan School District. The county plans to build a 146,644-square-foot school in its place. An installment financing allows for repayment of the loan over time.
The Raleigh Housing Authority (Wake County) has two items on the agenda totaling $56 million. It is seeking the OK for $30 million in conduit revenue bonds to loan to KTJ397, a Minnesota limited partnership. Proceeds would pay for a 180-unit multifamily rental housing development to be known as Birch and Branch Apartments. A $26 million conduit revenue bond would be used to loan to Gresham Lake Family, a North Carolina limited partnership. It would use the proceeds to build a 156-unit multifamily rental housing development to be called The Preserve at Gresham Lake.
Also seeking a green light for financing are:
- Wake Forest (Franklin, Granville and Wake counties), a $5.5 million installment financing to resurface and rehabilitate 12 miles of aging streets.
- Fayetteville Public Works Commission (Cumberland County), a $5 million revolving loan increase for water/sewer improvements at the P.O. Hoffer and Glenville Lake water treatment plants.
- Sawmills (Caldwell County), a $1.3 million installment purchase to buy and install field lights and parking lot lights at Sawmills Municipal Park and Veterans Park.
- Beech Mountain (Avery and Watauga counties), a $1.1 million revolving loan increase to identify sewer deficiencies, and rehabilitate or replace sewer lines and manholes.
What:
Local Government Commission
December meeting
When:
Tuesday, Dec. 5, at 1:30 p.m.
Where:
Department of State Treasurer
3200 Atlantic Ave.
Raleigh, N.C. 27604
Online:
GoTo Webinar
https://attendee.gotowebinar.com/register/2401195292143907929
Contact:
Email: press@nctreasurer.com
Phone: (919) 814-3820
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