Charleston County (WCBD) – The intergovernmental agreement between the State Infrastructure Bank (SIB) and Charleston County to co-fund the project that will extend I-526 into James & Johns Island is facing opposing opinions. Thus, when it was brought before the Joint Bond Review Committee (JBRC) this week in Columbia, they pushed it back to a sub-committee for review. The JBRC is doing their due diligence in looking into how Charleston County will fund their end of the deal.
The I-526 extension project, costing $725 million dollars in total, will be funded $420 million from the SIB and a little over $300 million by Charleston County. This funding agreement was made last month, but the project was approved by the joint bond review committee back in 2008. Charleston County will be using the first & second half cent sales tax and federal dollars to fund their end of the deal.
Charleston County says that even though their funding plan is being investigated by a state subcommittee, that this doesn’t mean a pause to the project. They say that the I-526 project is underway.
Charleston County Council Member, Jenny Costa Honeycutt, District 9, says “We do not need another approval by the JBRC. We have received their approval of both the project and approval of the bonds for the project in 2008 and we are proceeding under that approval.”