![]() ![]() But that seems to have ended with last week’s vote, which likely will face a court challenge – continuing the pouring of salt into a huge public policy wound.īottom line: Think of the I-526X financing as a dance of musical chairs renamed, “Who owes the money?” There is but one clear answer: Charleston County taxpayers. Basically, the SIB was saying to the Charleston County Council, “Show us the money.” Once approved, the SIB essentially said it would put forward the outlines of the financing commitment of the county and the state would go to the bond market that will evaluate the risk and establish the interest rate. Charleston County Council voted 5-3 in 2017 to approve an ordinance committing the county to covering the shortfall for the highway, but it doesn’t specifically the county’s commitment or the source of funding.Ĭharleston Mayor John Tecklenburg likes this highway but has a $2 billion flood control program to finance. Further, the SIB said it would not allow the project to be partially constructed because it would “reduce the public benefits which were part of the original decision.” The SIB reserved the balance of the $420 million in financial assistance, again requesting Charleston County to come up with a plan to fund the difference.īack in 2005, the SIB approved all of the funding for the highway extension, then estimated then at $420 million and basically said, “That is it” in terms of state money for the project. In 2016, the SIB voted no on the extension project and reiterated a position that said approval was not possible without additional funds. While the final costs of this addition have not been nailed down, it would be the most expensive highway expansion ever built in South Carolina. On Friday, the county threatened a lawsuit, claiming the SIB couldn’t pull out of the project that would connect West Ashley to Johns Island and end on James Island, traversing the Stono River over the adjacent swamp-wetlands. State Infrastructure Bank (SIB) last week voted no (4-3) again on continuing the contract for completing the I-526 extension (I-526X) in Charleston County. Rice CALENDAR, July 2+: Lots of activities for your Fourth of July FOCUS FOCUS, Palm: I-526 extension is a zombie highway projectīy Fred Palm, contributing editor | The S.C. IN THIS ISSUE of Charleston Currents #10.34 | JFOCUS, Palm: I-526 extension is a zombie highway project COMMENTARY, Brack: Age, Trump will drive fall gubernatorial election IN THE SPOTLIGHT: Titan Termite & Pest Control GOOD NEWS: Busy airport, teacher pay hike, book drive WHAT WE LOVE: Tell us what you love about the Lowcountry FEEDBACK: City on a Hill commentary draws reactions MYSTERY PHOTO: Something is under construction, but what? S.C.
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