Raleigh, N.C. — 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.
Group Pursuing New Ways to Fund N.C. 540
- Reporter: Bruce Mildwurf
- Photographer: Edward Wilson
- Web Editor: Kelly Hinchcliffe
RELATED TOPICS: Wake County
Copyright 2011 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
38 Comments
| MOST | Viewed | E-mailed | Discussed |
Most E-mailed Stories
Most E-mailed Videos | |||
| MOST | Viewed | E-mailed | Discussed |
Most Discussed Stories
Most Discussed Blog Posts | |||
Multimedia
Key dates in the investigation of Lance Armstrong on charges he used performance-enhancing drugs.
Key events in Iran's relations with the West.
An interactive look at the controversial decision and reversal of the Susan G. Komen Foundation to stop funding breast exams at Planned Parenthood.
FREE Home Performance Assessment from GreenHorizon
Want to Live Downtown Raleigh- condos for $220k!



![[SLIDESHOW]](http://wwwcache.wral.com/asset/entertainment/out_and_about/2012/02/02/10707648/bbpics_miyon53519-100x75.jpg)
![[SLIDESHOW]](http://wwwcache.wralsportsfan.com/asset/basketball/2012/02/09/10705803/10705803-1328766083-100x75.jpg)
![[SLIDESHOW]](http://wwwcache.wral.com/asset/lifestyles/travel/2012/02/08/10704761/10704761-1328743348-100x75.jpg)
![[SLIDESHOW]](http://wwwcache.wralsportsfan.com/asset/colleges/2012/02/08/10705323/austin-100x75.jpg)






WRAL.com welcomes your comments on this story. All comments are moderated prior to publication based on our posting guidelines. Please review them prior to posting and if your message is not approved.
This story is closed for comments.
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.
November 11, 2007 6:20 p.m.
November 11, 2007 8:59 a.m.
November 10, 2007 8:05 p.m.
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.
November 10, 2007 4:03 p.m.
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.
November 10, 2007 3:55 p.m.