Build NC Needed to Improve NC’s Infrastructure
We know improving North Carolina’s transportation infrastructure matters to your business. From our 2018 CEO Poll findings to the concerns you expressed during our “State of North Carolina Business” tour, job creators across the state continue to say that North Carolina’s transportation infrastructure should be a top priority for our state’s leaders.
Right now, there are two bills under consideration by the General Assembly that would help secure the resources needed to make vital transportation infrastructure improvements. Last week, Senate Bill 758: Build NC Bond Act of 2018 unanimously passed the Senate and this week, House Bill 1010: Build NC Bond Act is expected to be calendared for a floor vote in the House. Both bills would allow NCDOT to leverage existing transportation financing capacity through an alternative financing tool called Build NC.
Modeled after the successful federal program, Build NC will establish a state GARVEE program, benefitting the divisional and regional level financing buckets of Strategic Transportation Investments (STI). Build NC will be held to the same checks and balances as the federal program and its funds can only be accessed if NCDOT continues to pay down its cash balance through strong project delivery. Build NC will allow NCDOT to access up to $300 million each year over the next 10 years to complete the most pressing projects identified though the STI’s data-driven formula. Not only will this help finance projects already in progress but it will also accelerate the number of projects that can be completed as part of the department’s 10 year plan. This is especially important to rural communities, as it creates a financing mechanism that has never been made available to the areas before.
Be it land, air or water, North Carolina’s transportation infrastructure networks connect your business to the modern global economy and help it run efficiently here at home. If North Carolina’s business climate is to remain competitive, our state’s leaders must take action to see that our transportation infrastructure networks have the necessary resources to make critical improvements. It is our hope that the House will pass House Bill 1010 and that a final version of the bills will be sent to the Governor’s desk.
Gary J. Salamido
Vice President, Government Affairs