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NCDOT Holding Public Hearing for Private Activity Bonds for I-77 Managed Lanes Project

CHARLOTTE - The N.C. Department of Transportation will hold a public hearing at 7 p.m. on Thursday, Oct. 2, to receive comments on the issuance of up to $350 million in private activity bonds. The proceeds of the bonds will be used by I-77 Mobility Partners LLC, a private company, and its affiliates, to help finance costs related to the construction and operation of the I-77 Managed Lanes project.

The hearing will be held at the Metrolina Regional Traffic Management Center, 2327 Tipton Drive, in Charlotte. Any person interested in the financing of the project may attend.

The bonds shall be payable solely by I-77 Mobility Partners LLC from revenue collected in connection with the I-77 Managed Lanes Project. Neither the State of North Carolina or any agency of the State will be obligated to pay the debt from the sale of the bonds.

This hearing will only involve the issuance of bonds. Comments will not be collected regarding the project itself. That opportunity will come on October 8 and 9, when public information sessions for the I-77 Managed Lanes project will be held in Mecklenburg and Iredell counties. They will give area residents a chance to learn more about the project from the contractor and NCDOT staff, and to offer their comments.

  • Wednesday, Oct. 8: Charles Mack Citizen Center, 215 North Main Street, Mooresville, 4 p.m. -8 p.m.
  • Thursday, Oct. 9: North Mecklenburg High School Media Center, 11201 Old Statesville Road, Huntersville, 4 p.m. -8 p.m.

The I-77 Managed Lanes project will help reduce congestion and improve travel time reliability by adding two high-occupancy toll lanes in each direction between uptown Charlotte and Exit 28 in Cornelius, and one high-occupancy toll lane in each direction between Exit 28 and Exit 36 in Mooresville. The existing general purpose lanes will remain free of charge, and will be resurfaced to provide motorists with a smoother ride.

The State of North Carolina will own the I-77 Managed Lanes Project, and I-77 Mobility Partners LLC will manage and operate the project. I-77 Express Lanes

***NCDOT***

2/15/2018 5:23 PM

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