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U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

Complete 540 Phase 1

Map of project area
Project Type
Roads and Bridges
Financing Type
Credit Agreement Executed
North Carolina Turnpike Authority (NCTA)
Project Description

The Project is Phase I of the Complete 540 project (aka Southern Extension) which will ultimately provide the final segments of the 540 Outer Loop around the greater Raleigh area.  It extends the Triangle Expressway from its southern terminus by 17.1 miles of new six-lane toll road.  It will include several interchanges with intersecting roads, 55 bridges, 25 box culverts, and 2 stream crossings.

Project Details
TIFIA Assistance
Primary Revenue Pledge
Toll Revenues
Project Cost
Fiscal Year Closed
DB contracts have been awarded. Substantial completion projected by June 2023.
Funding Sources
Senior Debt: $438.8 million (Par of $378.3 million)
NCDOT GARVEE: $243.0 million
NCDOT State match: $ 81.0 million
TIFIA loan: $501.5 million
PayGo: $30.2 million
Appropriations Debt: $111.9 million
Project Delivery/Contract Method
The work was split into 3 segments, each of which is being procured through Design-Build contracts.
Project Participants
Public Sponsor: North Carolina Turnpike Authority
Project Advisers/Consultants
To Borrower:
Financial Advisor: PFM Financial Advisors, LLC
Legal: Hunton Andrews Kurth LLP

To USDOT Build America Bureau:
Financial Advisor: Greengate
Legal Advisor: Nixon Peabody
Project Lender
Credit Assistance Detail
Direct loan up to $501.5 million. The TIFIA loan will be repaid from gross toll revenues. This loan was replaced in 2021 as part of the Bureau's COVID-19 relief to borrowers.
Financial Status
TIFIA Credit Agreement signed in December 2019.
Per NCTA, the Triangle Expressway is one of the most technologically advanced roadways in its region. When complete, this roadway will be capable of supporting transportation advancements of the future.

The project, which crosses seven cities and stretches 28 miles:
Is formally supported by all local governments;
Minimizes the number of relocations of homes and businesses, compared to other alternatives;
Avoids impacts to the Swift Creek watershed critical area (a source for Raleigh’s drinking water);
Avoids the Clemmons Educational State Forest; and
Avoids impacts to historic resources.
Application Details
North Carolina Turnpike Authority (NCTA)
LOI Fiscal Year Received
LOI Received Date
Credit Agreement Executed
Initial Eligibility Review
Review Complete
Creditworthiness Review
Review Complete
Application Review
Review Complete
Estimated Project Cost
TIFIA Request
Instrument Type
Direct Loan