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The money for the project comes from $625 million in bonds and a $387 million loan from the federal government. The North Carolina Turnpike Authority deposited this money on July 29, 2009, and on the same day the agency's executive director David W. Joyner signed contracts to pay $584 million of that money to three companies to build the road over the next 42 months, creating 13,800 jobs.
In September 2008, ConnectEast held talks with Roads Minister Tim Pallas, but the State Government refused to discuss the issue with the media, or promise to build it without tolls. [15] On 16 October 2008 State Premier John Brumby announced the bypass would be built. Costing $700 million and now 27 kilometres long, work would start by the end ...
The toll rate on E-470 for vehicles that do not have ExpressToll automated toll transponders is roughly $0.37 per mile ($0.23/km). In addition to 17 ramp toll interchanges, there are five mainline toll stations along the 47-mile (76 km) route and the non-discounted passenger car toll to pass each mainline station is either $4.15 or $4.50; the discounted rates are $2.70 or $2.95. [4]
Toll roads, especially near the East Coast, are often called turnpikes; the term turnpike originated from pikes, which were long sticks that blocked passage until the fare was paid and the pike turned at a toll house (or toll booth in current terminology) [citation needed].
There are no ramp tolls at this interchange; the Westgate toll barrier was, at the same time, demolished [7] and replaced by a new Westgate Toll barrier, which is located east of SR 49. [8] [9] Other infill interchanges were later added. Exit 6A was opened on December 15, 1994, [10] and exit 7A was opened the next year on December 13. [11]
Originally, tolls were collected in both directions. In August 1970, the Lincoln Tunnel's 50-cent toll, which the Port Authority had charged since the tunnel's 1937 opening, was abolished for westbound drivers. At the same time, eastbound drivers saw their tolls doubled to $1.00.
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