Funding for NC-540, the Western Wake Expressway is imminent!

Good news, on a couple of levels.

The Raleigh News and Observer reported today that the bonds for funding most of the Western Wake Expressway were sold in entirety on Monday and Tuesday.

The folks who live along the corridor will soon have some clarity on the exact location of the freeway.  Lack of clarity has been a factor in home sales in many subdivisions in the area.  Of course, some folks will be in for a rude awakening, when they see that the highway is closer than they orginally thought it might be.

In a few years, 540 will offer Cary, Apex, and Holly Springs, New Hill, and Sanford commuters a choice of routing to RTP, and will relieve NC 55 of significant commuter traffic.

And finally, I think it a good sign that the bond market sees these as desirable bonds, and that they were finally sold.  The recent upgrade to AA rating, and the recent loan of $386 million to the project also contributed to the sale.  And the sale was at an interest rate nearly 10% lower than expected, for further savings over the life of the bonds.

Moving forward…

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