In a recent stride to curb Raleigh’s notorious traffic jams, the Local Government Commission (LGC) has greenlit a substantial loan that’ll pave the way for an extension of the Triangle Expressway. Among a hefty $1.85 billion in financing applications approved on Tuesday, April 1, the LGC has backed the state of North Carolina with $475 million through Grant Anticipation Revenue Vehicle (GARVEE) bonds. This move, championed by State Treasurer Brad Briner, is set to fund nearly 10 miles of the critical expressway project, as reported by the Department of State Treasurer.
With a focus on Wake County, the allocated $300 million will stretch the expressway from I-40 to just south of Rock Quarry Road, and onwards to I-87/U.S. Route 64. A part of the money will also streamline the refunding of existing GARVEE bonds, potentially easing the state’s debt service pressure. The LGC, responsible for overseeing the fiscal health of over 1,100 local government units, closely scrutinizes borrowing to ensure proposed projects are financially sound and manageable.
Wake County itself isn’t lagging in infrastructural upgrades, having secured a $305 million permission slip from the LGC for limited obligation bonds, earmarked for multiple purposes including the creation of a new 17,000-square-foot Emergency Medical Services facility. Raleigh city is also on the beneficiary list, with a bond anticipation note of up to $264 million, which it plans to allocate across transportation, parks, recreation, and housing projects. While Johnston County is steering $150 million towards K-12 and community college enhancements, others like Cape Fear Public Utility Authority and Harnett County are targeting essential public services like water, sewer, and middle school infrastructure…