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The board rescinded a vote made in June to end their portion of funding in a contract with SCDOT and Charleston County Council.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