Fate of $420 million slated for Charleston interstate in limbo

The fate of $420 million slated for an extension of Interstate 526 is unclear after the Charleston County Council attempted to meet a state agency deadline.

Charleston County needed to find a way to raise up to $353 million for its portion of the extension.

The Charleston County Council approved a resolution Thursday that identified potential ways to pay for the extension — including adding a toll road or using a special transportation sales tax.

However, the resolution did not provide a specific plan or an amount of money it intended to contribute to the project. The resolution also said the county could explore reducing the size of project to match the amount of money the local government could raise.

The head of the state agency that set aside the $420 million to extend I-526 from West Ashley to the James Island Connector expressed disappointment Friday.

“I was expecting more in terms of a funding plan to move forward,” S.C. Transportation Infrastructure Bank Board chairman Vince Graham said. “That’s what we had asked for.”

Graham said the Infrastructure Bank Board members will discuss Charleston County’s response at their next meeting April 28.

“It will be up to us to determine if this qualifies as a legitimate funding plan,” Graham said.

Members of the Bank Board, which help local governments finance large road projects, set a series of deadlines for Charleston County last year.

If the county does not meet those deadlines, the board could begin discussions of withdrawing the $420 million in state money set aside for the project.

Other areas of the state would want that money for road projects.

Charleston County Council Chairman Elliot Summey said Friday said the county has done everything the Bank Board has asked, but that coming up with more than $350 million is a challenge.

The interstate extension is opposed by some groups, including the Coastal Conservation League, which has used the issue to advocate for abolishing the Bank Board.

This story was originally published April 8, 2016 at 6:32 PM with the headline "Fate of $420 million slated for Charleston interstate in limbo."