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That's right. It is considered a public-private endeavor. The question is, who profits? I assume there are loans involved with payback at a certain rate. Will the travel rates go down if there are more users? Will it ever be "paid off" and the toll removed? My impression was that the private sector will be the one to ultimately benefit. But maybe I am remembering wrong.
Other than bond holders getting paid eventually like other municipal bonds and of course the construction companies like every other road, there is nothing private enterprise has to do with the road. There are places that have had private companies build and operate toll roads as a for profit enterprise but that is not what happened here. The NC Turnpike Authority, which was created by a vote of the legislature, just like RTP and Global Transpark, is who is building (or contracting for it to be built) it. And as mentioned the road is not projected to ever pay for itself, there will be taxpayer funded operating deficits every year. Also, the section between 54 and 55 which was built using about 50-60 million in tax money is now part of the toll road without any compensation back to the taxpayers.
Thanks for posting the link to the Morriville Parkway interchange info, cjseliga. Makes total sense to put something in there as its too big of an area with too many people to potentially use the road with no connections. Seems like they really should have done it as part of this project but I guess with all the various parties involved it could not be.
NCTA is no longer an independently managed entity. In 2009 it was merged into NCDOT by the General Assembly. NCTA retains its ability to float bonds and to build and operate its own roads and bridges (someday).
The RTP Foundation of NC, the RDU Airport Authority, and some other entities created by the General Assembly have their own boards of directors and operate autonomously from the State government, subject to their charters. The Global TransPark Authority is not truly at arm's length from the State because GTP's board of directors includes the Treasurer, the Secretary of Transportation (chairperson), the Secretary of Commerce, and the Commissioner of Agriculture. There is a 501(c)(3) called the Global TransPark Foundation, Inc. that does have separate leadership, but it's a fund-raising entity not an operating entity.
Drove the entirety of the new section this weekend - what a beautiful road! It certainly cut down on my frustrations with getting from N. Raleigh to the Apex/Holly Springs area even though it wasn't faster. Previously my options were to take the beltline to US1 South or 64 which was never fun, even during non-peak hours. I can't wait though till the extention opens to 55 though and we can skip the lane reductions in downtown Apex all together.
Also, Google Maps must be going crazy with all the notifications, I also sent one in when it showed the 64 - 55 segment as open. Haven't checked it recently though, perhaps it's been fixed, or perhaps they're even more confused!
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