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Statement on Project Financing

FOR IMMEDIATE RELEASE email: Wideni77@hotmail.com I-77 TOLL PROJECT FINANCING APPROVED; STATE AND FEDERAL GOVERNMENT FAIL TO PROTECT TAXPAYER Cornelius, N.C. – May 20, 2015 –  Widen I-77 has learned state and federal agencies have approved $189 million in federally-backed loans for the private toll lane project on I-77 through the Lake Norman region. The project

Condolences

Widen I-77 expresses their condolences to the family and friends of Mooresville Commissioner Mac Herring, who passed away suddenly yesterday, May 19, 2015.  He was 52. The day prior the town voted on a resolution concerning the I-77 toll lanes. Herring was first elected in 2005 and served as Mayor pro-tem from 2011- 2013.

If you send only one email in the next 48 hours…

…it needs to be to Charlotte City Councilwoman Vi Lyles. You may recall last week Governor McCrory said he would not delay the I-77 toll project. His main reason was the prior support of the Charlotte Regional Transportation Planning Organization (CRTPO). In a stunning development, CRTPO is considering resolution against I-77 tolls this Wednesday! If

Michael Waltrip Racing Asks Businesses to Support Recent Town Actions

UPDATE: Aquesta Bank and Lake Norman Infiniti have also signed on!   We just received the following statement from Michael Waltrip Racing: Interstate 77 is the critical transportation artery for the Lake Norman region. Our employees, customers and suppliers depend on this road every day. As our region grows the congestion on this road continues

Carpoolers without transponder will be charged toll

For years now we’ve been told that one of the benefits of the I-77 toll lanes is they will encourage carpooling because vehicles with three or more occupants can use the lanes for free. NCDOT’s website proclaims: Speaking of free, there are several ways you can use the express lanes without spending a dime. The

Huntersville Board to Hold Special Session on Toll Resolution

Following on the heels of a Cornelius resolution passed last week the Huntersville town board will hold a special meeting this Monday, May 11 at 5pm at Huntersville Town Hall to discuss a tolling resolution. The purpose of the meeting is to consider a resolution regarding NCDOT’s amending the draft tolling agreement.  Huntersville’s resolution expresses

I-77 Toll Operator Expects Revenues of $34M by 2020

FOR IMMEDIATE RELEASE email: Wideni77@hotmail.com   Cornelius, N.C. – May 6, 2015 –  Ratings agency DBRS disclosed a portion of  I-77 Mobility Partner’s revenue forecast in their pre-sale bond report of April 29, 2014. The report lists the expected toll revenues for the first three years as follows: 2018  $5.0 million (partial year) 2019  $24.6

NCDOT Ensures No Improvements on I-77 for 50 Years

The I-77 tolling contract contains a non-compete clause that allows Cintra to be compensated for lost revenues resulting from certain public improvements. Basically, if we add any general purpose interstate lanes we’ll not only pay for construction costs but also whatever revenues Cintra is projected to lose. There are a few exceptions to this. One exception is if

NCDOT Extends Financial Close A Third Time

NCDOT and I-77 Mobility Partners have amended the contract a third time to extend the financial close.  The original financial close date was January 22, 2014.  It had been extended through two previous amendments to May 17, 2015.  The latest agreement extends the financial close another ten days, to May 27. Surprising Addition That NCDOT

Where’s the Fairness?

The North Carolina Department of Transportation (NCDOT) and some elected officials want to impose High Occupancy Toll Lanes (HOT) on Interstate 77 from Charlotte to Mooresville.  Nine (9) miles of this route have a minimum of 3 General Purpose (GP) lanes, while the remainder of Seventeen (17) miles have only 2 GP lanes.  Let’s look