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Projects in TIP that propose to improve NC 73 corridor • R-2705 – US 321 to SR 1356 in Lincoln County – 4 mile relocation of NC 73 – current cost $27.5 M – unfunded • R-2706 – SR 1356 in Lincoln County to SR 5544 (West Catawba Ave) in Mecklenburg County – current cost $111 M – unfunded • R-2632 A – US 21 to SR 2693 (Davidson-Concord Rd) – current cost $33 M in STIP – portion of project is funded • SR 2693 (Davidson-Concord Rd) to I-85 – no project in the TIP
12% 12% 4% OSBM Projected Loss 3-year $580M $230M $95M Transportation Revenue Outlook – North Carolina Highway Use Tax 25% Motor Fuel Tax 55% Fees 20%
HTF Project Balance $ in Billions Transportation Revenue Outlook - Federal Motor Fuel Tax 92% Fees 8%
Proposed Economic Stimulus Bill • NCDOT has prepared an initial list of candidate projects based on an assumed set of “rules.” We have asked MPOs and RPOs for their input, due 1/27 (next Tuesday). Important assumptions for submissions: under contract within 180 days, cash payout within 24 months • There is a proposed House Stimulus Bill that NCDOT has analyzed. The Transportation piece will be handled by the Appropriations Committee. • We currently think our share would be $800 M for highway projects • 45 percent of the funds would be distributed according to Surface Transportation Program (STP) rules, which means there will be Enhancement and STP-DA
Proposed Economic Stimulus Bill (Continued) • The other 55 percent would be left to the discretion of the state for federally eligible projects • The proposed bill sets forth some criteria for prioritization of projects. Priority should be given to 1) projects where contract can be awarded within 120 days of enactment 2) are included in an approved STIP and/or Metropolitan TIP 3) are projected for completion within a 3-year timeframe 4) are located in economically distressed areas (as defined by Section 301 of the Public Works and Economic Development Act of 1965, as amended)
Proposed Economic Stimulus Bill (Continued) • Proposed bill provides 100 percent federal share • The bill has a number of redistribution/use it or lose it requirements. In essence, if a state doesn’t obligate the funds within a prescribed timeframe, they will be re-distributed to states that can obligate them • We currently anticipate that these funds will be subject to equity