Bill to Stop I-77 Toll Lanes

CHARLOTTE, NC — There is a new effort to put the brakes on the Interstate 77 toll lanes as soon as next week.

Representative Charles Jeter from Mecklenburg County says he will introduce a bill when the General Assembly reconvenes on Monday

The bill would cancel the construction by Sept. 1, 2016.

“The cancellation fee is less than what we’ve guaranteed them in revenue in the first five years,” said Rep. Jeter.

The state promises up to $75 million to ensure I-77 Mobility Partners and Cintra don’t lose money after building the lanes.

Rep. Jeter predicts cancelling the deal will cost $62.5 million.

“If we cancel this contract this year,” said Rep. Jeter.

He arrived at the calculation after he says I-77 Mobility Partners sold 40 percent of the project for $25 million, setting net value.

I-77 Mobility Partners wrote WCCB Charlotte, “Based on its strength, last year the project attracted additional investors who have acquired a total of 39.9 percent of its equity.”

It would not confirm that sold for $25 million.

In addition to stopping the project, the bill takes $25,000 out of the highway fund for any legal fees incurred.

“It appears the votes may be in the house to have this version of bill passed,” said Widen I-77’s Kurt Naas.

Widen I-77 is against the project, in part, because it keeps the state from adding free general purpose lanes for 50 years without paying the developer.

Mobility partners keeps the money drivers pay for 15 years.

“You’re talking about taking billions of dollars out of this community’s back pocket,” said Rep. Jeter. “No reinvestment in our infrastructure.”

If the bill passes in the House, Senator Jeff Tarte is expected to work to push it through the Senate.

Rep. Jeter says he plans to write a bill requiring legislative vote for any projects more than $500 million.