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NCTA 2010 Annual Report – Mid-Currituck Bridge

The environmental studies and financial planning for the Mid-Currituck Bridge. The bridge, located in Currituck County, is a seven-mile, two-lane toll project crossing the Currituck Sound and connecting the mainland at U.S. 158 near Aydlett with N.C. 12 on the Outer Banks south of Corolla. The preliminary construction cost estimate for the project is between $580 million and $670 million, with final costs to be determined during design. Since April 2009, the Authority has been working with the Currituck Development Group, LLC (CDG) on the development, design and financial assessment of the Mid-Currituck Bridge. Working under a pre-development agreement as part of a
public-private partnership, potential capital cost savings of $100 million have been identified to date. CDG and the Authority are now examining the feasibility of a joint venture to design, build, finance, operate and maintain the project. The Authority will determine over the next few months whether to proceed with the public-private partnership option
or utilize municipal financing to build the project. Since the March release of the project’s Draft Environmental Impact Statement, the Authority has been in discussions with state and federal environmental agencies regarding selection of a preferred alternative route. Refining the bridge project to address natural resource and community impact concerns raised in public and agency comments is a substantial part of the efforts related to these discussions. The Authority expects to adopt a preferred alternative early in 2011, to be followed by the release of the Final Environmental Impact Statement and a Record of Decision from the Federal Highway Administration. The Authority is also preparing an investment-grade Traffic and Revenue Study for the project. The study is expected to be complete in 2011 and will provide
revenue forecasts central to developing the plan of finance and receipt of investment-grade credit rating. Construction is currently scheduled to begin in 2011 with completion in 2014.

Schedule Snap Shot
Publish Final Environmental Impact Statement: 2011
Record of Decision: 2011
Complete Project Financing: 2011
Begin Construction: 2011
Open to Traffic: 2014

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