DOT Gives $386 Mln. Loan for N.C. Highway

The Department of Transportation has approved a $386 million loan to finance construction on the Triangle Expressway in North Carolina.

The expressway will include two new roads and an existing one, totaling more than 18 miles in the Raleigh-Durham area, DOT said in a statement Monday.

The project will extend the Triangle Parkway and build the new Western Wake Freeway. Together with the existing North Wake Freeway, the three contiguous sections will improve access to Interstate 40 and downtown Raleigh, DOT said.

The North Carolina Turnpike Authority will build the road and repay the DOT loan through tolls on the new road. NCTA will also sell more than $600 million in bonds for the project.