I-526 completion project back on the table

Local News

COLUMBIA, S.C. (WCBD)– The State Infrastructure Bank board passed a motion 5 to 2 to move forward with negotiations for the 526 completion project on Tuesday. 

https://www.counton2.com/news/local-news/state-infrastructure-bank-to-discuss-the-future-of-i-526/1492348424

The board rescinded a vote made in June to end their portion of funding in a contract with SCDOT and Charleston County Council. 

https://www.counton2.com/news/local-news/i-526-completion-funding-what-s-next-/1268706056

Governor Henry McMaster became vocal about the need to complete I-526 following SIB’s vote in June. Members of SIB’s board say the governor hosted a meeting in Columbia with SIB’s chairman, Charleston County Councilman Elliot Summey, and SCDOT Transportation Secretary Christy Hall. 

In that meeting, the parties began negotiating a rough term sheet. 

Charleston County allegedly offered to increase their contribution to the project from $117 million to $305 million. SIB would contribute no more than $420 million. 

All parties have 45 days to complete negotiations and enter into a new intergovernmental agreement. 

Charleston County Council will be discussing the action taken in a special finance meeting at 6 p.m. on Tuesday.

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