540 / Triangle Expressway  ("Tri-Ex")

The Alliance and our member chambers of commerce have worked to accelerate the completion of this corridor for several years. Our efforts began in spring 2004 with the passing of a series of resolutions to accelerate the Triangle Parkway as a new turnpike in Research Triangle Park.  The Alliance successfully organized the campaign to have the proposed three mile Parkway included as a potential turnpike by the state.  

When it became clear in 2005 that the extension of 540 would be delayed by decades, we then initiated and signed a joint resolution with southwestern Wake County mayors to study the potential for tolls to accelerate 540.  That resolution was accepted by the NC Turnpike Authority in December 2005.   

We continued our efforts with the release of a "Getting There Faster" report in 2006 that highlighted the benefits of the turnpike option (full report, executive summary), successful advocacy in 2006 for a "revenue retention" policy and statute to keep toll revenues on the corridor, successful lobbying for $25 million in annual gap funding for the project in 2007 and 2008 and then the passage of statutory language that simplified the issuance of bond insurance in 2009.

All the while, the Alliance and our member chambers have worked together to successfully build and maintain support for the acceleration of 540 and Triangle Expressway.

540 / Triangle Expressway – summary

• 540 / Western Wake and Triangle Parkway, which together form the proposed Triangle Expressway turnpike, are needed freeway projects for our growing Triangle—the economic engine for much of central and eastern North Carolina.
• Completing this road -- and the nearby Durham East End Connector -- will complete the Research Triangle Freeway corridor from the US 1 freeway near Apex (and points south) to Interstate 85 at Durham - (map).
• The Turnpike Authority reports that this $1.2 billion turnpike freeway will create thousands of direct and indirect jobs, reduce travel times for those who use the new road, and free up other local area roadways from commuting travelers.
• The NC Legislature provided gap funding in summer 2008 and the initial federal TIFIA loan process was completed by fall 2008.   Unfortunately, the NC Turnpike Authority was not been able to sell the project bonds at that time.
• To move the turnpike forward, the Authority chose to split the proposed bond offering into an Appropriation Bond (backed by gap funding) and a Revenue Bond (backed by toll revenues); the latter will utilize bond insurance to secure a higher rating.  
• Senate Bill 750 signed in June 2009 will ensure that gap funding remains on the project and will authorize the Authority to extend the life of the bonds under a refinancing should it become necessary. 
• The Federal TIFIA loan process was finalized in July 2009 and the toll revenue bonds were sold on July 13 and 14, 2009.
• The Turnpike Authority completed its finance package and awarded contracts on July 29, 2009 -- allowing 540/Triangle Expressway to advance to construction and marking the largest highway contract award in the history of North Carolina.

• 540/Triangle Expressway will provide nonstop travel for cars, vanpools, buses, and trucks from the Holly Springs Bypass in southwestern Wake County all the way to I-40 at the NC 147/Durham Freeway interchange in the heart of RTP in Durham County.
• The three mile long Triangle Parkway alone—from I-40 to NC 540 in southern Durham and western Wake counties—is expected to reduce future traffic on I-40 by more than 40,000 vehicles every day.
• The Research Triangle Foundation has been planning for the Triangle Parkway for more than half a century and has reserved the bulk of the needed right-of-way inside Research Triangle Park.
• Other states facing similar circumstances have used toll roads as way to meet demand for new construction in high traffic regions.  Austin had zero miles of toll roads open to traffic as recently as summer 2006.  Since that time, more than 70 miles of turnpike freeways have opened to travelers. 
• Other regions in North Carolina are also pursuing turnpikes in order to receive the benefits of faster construction and accelerated congestion relief, so this situation is not unique to the Triangle.

540 / Triangle Expressway – partial timeline

July 29, 2009
NC Turnpike Authority completes $1.01 billion financing package and awards projects to begin construction of 540/Triangle Expressway.

July 13-14, 2009
NC Turnpike Authority sells $620m+ revenue bonds for 540/Triangle Expressway.

July 2009
Federal Government approves $380m+ TIFIA loan for the Triangle Expressway.

June 2009
Senate Bill 750 signed into law that ensures that gap funding remains on the project and will authorize the Authority to extend the life of the bonds under a refinancing should it become necessary. 

July 16, 2008
Governor signs 2008 state budget, providing $25 million annually for Gap Funding for Triangle Expressway and future funds for other turnpike routes statewide.

May 13, 2008
21st Century Transportation Committee recommends Gap funding for Triangle Expressway and other turnpike routes

April 24, 2008
21st Century Transportation Committee releases short session recommendations that include a provision for turnpike gap funding

Fall 2007
21st Century Transportation Committee formed to look at a variety of mobility issues

Fall 2007
Turnpike Authority approves Triangle Expressway as a fully electronic toll road

August 2007
House and Senate pass different versions of gap funding bill (S1352) by wide margins; legislature adjourns before conference committee can be appointed

May 2007
H1937 gap funding bill introduced, sponsored by all Wake representatives

May 2007
CAMPO and DCHC MPO approve 540 and Triangle Parkway as turnpike route

March 2007
S1054 gap funding bill introduced, sponsored by all Wake senators

August 2006
Turnpike Authority passes revenue retention policy specifying that tolls must stay on individual turnpike corridors where revenues were raised

August 2006
S1381 signed which allowed the portion of 540 between NC 55 and NC 54 to be converted to future turnpike status while under construction in order to help accelerate the completion of the Triangle Expressway and reduce future toll rates. That legislation also specified that toll revenues must be used for that corridor.

February 2006
Regional Transportation Alliance releases "Getting there Faster" (full report, executive summary), outlining the need for accelerating 540 and Triangle Parkway and providing background on the turnpike option.

January 2006
Preliminary findings on Triangle Parkway presented

December 2005
Turnpike Authority accepts resolution signed by southwestern Wake mayors and RTA chair requesting study of tolls to accelerate 540/Western Wake

June 2004
Public hearing on Triangle Parkway with campaign organized by Regional Transportation Alliance

May 2004
Capital Area MPO passes resolution requesting study of tolls for Triangle Parkway

Spring 2004
Area communities, chambers of commerce and Regional Transportation Alliance pass resolutions supporting study of tolls to accelerate Triangle Parkway (NC 147 extension)

Fall 2002
Turnpike Authority created by General Assembly.

Resolutions in favor of gap funding to accelerate turnpike construction

Example Gap Funding Resolution

Capital Area Metropolitan Planning Organization—March 21, 2007
Apex Chamber of Commerce—March 27, 2007
Cary Chamber of Commerce—February 21, 2007
Greater Durham Chamber of Commerce—May 8th, 2007
Garner Chamber of Commerce—February 20, 2007
Greater Raleigh Chamber of Commerce—February 14, 2007
Knightdale Chamber of Commerce—March 13, 2007
Morrisville Chamber of Commerce—February 14, 2007
Roxboro Area Chamber of Commerce—February 21, 2007
Raleigh Regional Association of Realtors—April 11, 2007
Research Triangle Foundation of NC—March 22, 2007
Regional Transportation Alliance—February 8, 2007
Zebulon Chamber of Commerce—May 2008