Secretary of Transportation Gene Conti today said his agency has not communicated well on the new financing plan for the I-485 loop around Charlotte.
The plan calls for the contractor to front $50 million of the $340 million cost. Conti emphasized that, if the contractor borrows its $50 million from a bank, the state will not back that loan.
Conti also said that the state will pay the contractor its $50 million over ten years with no interest - "an extended payment plan," Conti said in a meeting today with reporters and editors from the News & Observer and Charlotte Observer.
Conti emphasized those points in the aftermath of questions raised by State Treasurer Janet Cowell over whether the Transportation Department has the authority to add to the state's debt load.
"We just haven't communicated very well," Conti said.
- Mark Johnson