Governor says I-485 will be completed in 5 years

CHARLOTTE, N.C. -- Gov. Bev Perdue says Interstate 485 will be completed in five years because of a public/private partnership that will provide funding for the highway.

Perdue was in Charlotte on Monday, announcing the plan to speed up completion of the interstate, which loops around the city.

Perdue says the groundwork has already been laid for work to begin on the interstate, and right-of-way land purchases are under way. Construction will start in 2010.

She says the "Design/Build/Finance" model will save taxpayers between $50 million and $100 million.

"This innovative solution saves time, saves money for NC's taxpayers, creates jobs and proves that North Carolina will develop new solutions to our 21st century transportation challenges," said Perdue.

Transportation Secretary Gene Conti says funding for the interstate will come from the state Highway Trust Fund, bonds borrowing against future federal revenue and the private business sector.

"We see this as one more tool for the future that we can use when it makes economic sense, as it does in this case," said Conti. "It's vital to have new strategies to address the state's transportation needs in a time of scare resources from traditional revenues sources."

Known as "Design/Build/Finance," the new plan allows one contractor to both design and build each project. The winning bidders will put up part of the financing.

The plan involves three Charlotte-area projects, placed on a fast track together, with contracts to be awarded in 2010: the last five miles of the I-485 loop; the interchange that connects the loop to I-85 north of Charlotte; and the widening of I-85 into Cabarrus County from four lanes to eight lanes.

(NewsChannel 36 reporter Rad Berky is talking to DOT officials about the financial plan. He'll have live reports beginning at 4 p.m.)

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