Charleston sues SC to hold on to $420 million for road project

Charleston County is suing the state to keep $420 million slated to be spent to extend Interstate 526.

The S.C. State Infrastructure Bank should not be permitted to spend the money on other projects, the lawsuit against the bank and state Department of Transportation says.

While Charleston County and the Infrastructure Bank publicly battle over whether the I-526 project should be completed, other areas of the state are eying the money for their road needs.

In 2006, the bank, which can issue bonds to raise money to pay for road projects, promised to pay $420 million to extend I-526. Since then, however, the estimated cost of the project — opposed by conservationists and others —has risen to more than $700 million.

The Infrastructure Bank has asked Charleston County to come up with that roughly $300 million difference. However, the county has not outlined specifically how it would pay its share.

This story was originally published July 28, 2017 at 6:29 PM with the headline "Charleston sues SC to hold on to $420 million for road project."