The Triangle Expressway toll road -- initially slated to start construction later this year, connecting the terminus of the Durham Freeway through RTP and down to the extension of 540 through western Wake County -- has seen its schedule slip due to the slipping debt markets.
The Triangle Business Journal reports that while the N.C. Turnpike Authority had planned to launch its initial sale of $600 million in bonds by the end of this month, that sale has been delayed indefinitely until the bond markets will support the issue.
The news comes on the heels of reports recently that both Wake and Durham counties, like governments throughout the country, have had difficulty issuing new debt as investors have reached for their nitro tablets in the wake of challenges in the markets.
The $913 million total investment in the road will bring a 19 mile stretch of tolled freeway from Holly Springs to Durham; it's just slightly less than the cost of the commuter rail proposal we looked at last week (though from a carrying capacity perspective, of course, transit's numbers look much different -- which is still another reason to look at the capital expenditure for commuter rail as a freight as well as a passenger investment.)
Finally, a silver lining to the credit crisis. Next up to be canceled: President Obama's tax cuts.
Posted by: KeepDurhamDifferent! | October 15, 2008 at 02:12 PM