- Briefing Room
Mecklenburg and Union Counties, North Carolina
|Project Sponsor / Borrower||
North Carolina Turnpike Authority/North Carolina Department of Transportation
The Monroe Expressway will be a new 20-mile toll road from US 74 near I-485 in Mecklenburg County to US 74 in Union County. The facility will run roughly parallel to US 74, creating a high-speed alternative to the commercial corridor along US 74. The facility will include an all-electronic toll system.The project includes one mile of improvement to the existing US 74, including expansion to six lanes and addition of frontage roads. The new toll road will include four travel lanes, a depressed grass median, and eight interchanges (six along the new facility, and two along existing US 74). The project is the combination of two projects previously analyzed by the North Carolina Department of Transportation; the Monroe Connector (I-485 to US 601) and the Monroe Bypass (US 601 to US 74).
TIFIA loan - $166.5 million
Appropriation bonds - $467.1 million
Toll revenue bonds - $144.4 million
NCDOT State Highway Trust Fund - $22.0 million
|Project Delivery / Contract Method||
Monroe Bypass Constructors (design-builder)
|Project Advisors / Consultants||
To North Carolina Turnpike Authority
To USDOT Build America Bureau
USDOT TIFIA, Bondholders
|Duration / Status||
In August 2014, the North Carolina Department of Transportation began project right-of-way acquisition, permitting, and final design.
Construction began in May 2015. Expected completion is late 2018.
|TIFIA Credit Assistance||
Direct loan: $166.5 million.
The TIFIA loan will be repaid with gross toll revenues generated from the project.
Appropriation, Turnpike Revenue, and GARVEE bonds were sold in November and December 2011.
The TIFIA loan agreement was signed on January 31, 2017 and is expected to mature in 2053.
|Related Links / Articles|
North Carolina Department of Transportation