The State Transportation Infrastructure Bank (STIB) Board held a special meeting today where board members voted 5-2 to rescind their June 2018 vote to terminate participation in the project and to amend the current intergovernmental agreement (IGA), bringing new life to 526/Mark Clark Expressway.
Proposed Changes to the Agreement
The proposed changes include additional revenue from the county. Charleston county has agreed to increase their portion from $117 million to $305 million. The Bank has committed to $420 million (capped amount) with the county covering any excess costs.
It is expected that the term agreement which was distributed to board members during the meeting will be made public.
There is a 45-day deadline to amend the agreement. If the agreement is amended and approved, the Bank will submit the project to the appropriate entities for approval.