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1:04 p.m. • 2-9-12

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Group Pursuing New Ways to Fund N.C. 540


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Toll Roads
Toll Roads

Plans to toll N.C. 540 are moving forward, and construction could be under way by this time next year.

Even if the state legislature decides not to help fund the multi-million dollar project, the group that's pushing for the road has a new idea.

David Joyner, executive director of the North Carolina Turnpike Authority, said it’s his job to help find the money to finish the project.

“Well, if we don’t, I don’t know how we finance it otherwise,” he said.

If the state doesn’t pay the $20 million a year needed to complete the remaining 18 miles, Joyner said he has another idea. The Turnpike Authority has met with 11 private investment firms – most recently, Goldman Sachs earlier this week.

But there’s a major drawback to going with an investment firm.

“The tolls won’t be any higher probably, but you’ll pay for it over a longer period of time,” Joyner said.

That means the project would cost a lot more money.

“That is the worst case scenario, but it might happen if the legislature doesn’t step up,” said House Minority Leader Rep. Paul Stam (R), Wake County.

James Farrington drives on N.C. 540 every day.

“Whether its taxes or something else, [they’re going to] get it one way or the other,” he said.

Joyner said the toll will cost about 12 cents a mile. Once the debt on the project is paid off, the tolls will be taken down, as is required by state law.

RELATED TOPICS: Wake County

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Why do we need this road so fast? Oh, the builders, developers and folks who profit on real estate sales want it. Oh, so we the taxpayers are getting doubly gouged to put money in the pockets of people who don't even live here.

BTW, Joyner's job is to do everyone in NC a favor and fall on his sword. He's trying to justify his existence and should be fired/released.

I don't want to live in SOUTH JERSEY. NC GOV needs to is just lining their and their friends pockets at our expense.

NO toll roads! What part of NO don't you understand?

Looks like price gouging to me. They want to charge $1 to $1.50 for the 18 mile section. The Garden State Pkwy in NJ charges an average of ~35c for each 15 miles! I'll find a way to bypass this ripoff...should it come to pass.

BTW, you want more names... David Joyner is the only person you ever really hear about in these articles.

NAMES: Power brokers involved in the bad politics in NC dealing with transportation: Gov. Easley, Tony Rand, Mark Bassnight (sp?) and Calvin Liggett. Let's call these people out and see just how deep the rabbit hole goes with them.

Tolls are bad enough, but private investors are BAD! What does an investor want? Return On Investment. That translates directly into higher tolls for longer. Examples in the Indiana area show private investors have contracts to collect tolls for 75 and 99 YEARS on 2 roads in that area. This is outrageous. Also allowing private investors takes public control away from public infrastructure. DO NOT allow this to happen.

Please support No Tolls on 540 (http://www.notollson540.org) and our effort to keep the NCTA away from 540. Visit the site to sign our online petition.

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