Officials hope state aids Skyway plan

Ask and you shall receive.

At least that's the hope of regional transportation planners interested in building http://starnewsonline.com/article/20070625/NEWS/706250361&SearchID=73285533045544">the $971.5 million Cape Fear Skyway. They want the North Carolina General Assembly to foot some of the bill, help eliminate a $439 million funding gap and make the historically expensive toll road and bridge a reality.

The Wilmington region's Transportation Advisory Committee voted Wednesday to ask the General Assembly for a yearly funding commitment to the Skyway, a 9.4 mile span that would connect U.S. 17 in Brunswick County to the intersection at Carolina Beach Road and Independence Boulevard in Wilmington.

The Skyway is touted as a way to ease congestion between New Hanover County and fast-growing Brunswick County, provide direct access to the Port of Wilmington and reduce evacuation times during natural disasters. But early financial reports determined that tolls on the bridge would cover only 55 percent of the cost, or about $532.5 million.

The projected toll rate to maximize revenues would be $1.75 per car, according to studies commissioned by the North Carolina Turnpike Authority. The authority was created in 2002 and tasked with planning, constructing, operating and maintaining as many as nine toll roads across the state.

Grady Rankin, the chief financial officer for the turnpike authority, told the committee that the project would need $39 million per year in supplemental revenues to close the funding gap. That annual payment would likely be needed for 40 years, which is traditionally the debt life for similar projects, Rankin said.

The General Assembly is expected to decide in the next few weeks if it will cover the $18 million annual gap in the $883 million Triangle Expressway, a similar toll project. The fate of that project could spell out the future for the Skyway.

Lanny Wilson, who serves as chairman of the transportation committee, vice chairman of the turnpike authority and as the Wilmington area's representative to the N.C. Board of Transportation, said he expects the General Assembly to treat both the Expressway and the Skyway the same in regard to funding.

Other members said the best thing they can do is ask.

"If we don't ask, we don't get," said Laura Padgett, a transportation committee member and Wilmington City Council member.

Faced with selling an almost $1 billion project to a wary public, officials say they hope the $39 million per year estimate is high and will examine their plans and financing models to see if any costs can be cut.

"We think it will be lower," Wilson said. "That's the high end."

Another Skyway resolution was on the agenda, asking for the turnpike authority to examine additional funding alternatives for the project, including charging tolls on a portion of the Wilmington Bypass, which would connect U.S. 17 south of N.C. 87 in Brunswick County to Interstate 40 in New Hanover County. But Wilson called the resolution "premature" and withdrew it.

While the financial hurdles may be high for the Skyway, transportation officials believe the project is necessary for the region and that the money can be found. A toll project that covers 55 percent of its costs with user fees is considered "quite viable," Rankin said. Ultimately, he said it depends on long-range transportation plans and community support.

The turnpike authority hopes to open the Skyway to traffic in 2015.

Chris Mazzolini: 343-2223

chris.mazzolini@starnewsonline.com