How the Center for Innovative Finance Support Office Does Business...
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Outreach/Awareness |
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Technical Assistance |
| Location | Charlotte, North Carolina |
| Project Borrower / Sponsor | North Carolina Department of Transportation (NCDOT) |
| Program Areas |   |
| Mode | Highway |
| Description | This project constructed a new 5.7-mile, eight-lane section of Interstate from west of NC 115 (Old Statesville Rd.) to west of I-85 north of Charlotte. This is the last segment of the I-485 Outer Loop around Charlotte, linking I-77 to I-85. The project also included interchange improvements, service road realignment, and bridge construction. Related but separate projects in the completion of the I-485 Outer Loop include the widening of seven miles of I-85 from four to eight lanes, widening the southern section of I-485 from four to six lanes between I-77 and Rea Road, and the upgrade of the interchange between I-485 and I-85. |
| Cost | $139.5 million |
| Funding Sources | GARVEE bonds, State Transportation Trust Fund disbursements, contractor financing to be repaid by future General Assembly appropriations based on an availability payment schedule conveyed in the contract. |
| Project Delivery/Contract Method | DBF (design-build-finance) |
| Private Partner | Blythe Construction Inc./Wilbur Smith Associates (now CDM Smith) |
| Project Advisors/Consultants | Not available |
| Lenders | None |
| Duration/Status | Construction began summer 2011 Construction completed spring 2015 |
| Financial Status | Closed. Under this DBF contract, the design-builder completed construction over 4.5 years while agreeing to an "extended payment schedule" of 5.5 years. |
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| Contacts | Louis Mitchell, PE Division Engineer Tel: (704) 983-4400 |
