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Beaufort County tells SIB it lacks capacity to cover US‑278 shortfall, asks bank to hold committed funds
Summary
After voters rejected a transportation sales tax, county staff told council the US‑278 Corridor project faces a roughly $190 million funding gap; council directed the administrator to tell the State Infrastructure Bank the county cannot cover the shortfall now and to request the bank hold its $120 million commitment while the county explores options.
Beaufort County officials told county council on Nov. 12 they do not have the available funds to cover an estimated $190 million shortfall on the US‑278 Corridor project and asked the State Infrastructure Bank (SIB) to hold its $120 million commitment while the county explores alternatives.
Council read a Nov. 7 letter from the SIB that asked the county to explain how it planned to fund the gap after the transportation sales tax referendum failed on Nov. 5. Project staff told council the current total project cost is approximately $488,000,000 and that the SIB’s commitment is $120,000,000; staff said the county’s portion of durability and other funding leaves a gap near $190,000,000. “The county does not have the available funding for the $190,000,000 shortfall,” project staff said.
Staff outlined possible options: property‑tax bonding (county bonding capacity estimated around $155,000,000), applying for federal bridge grants (including the large bridge grant program), a targeted property‑tax bond referendum, reallocating local MPO funds over time, or asking the SIB for additional grant funding. Staff also warned that some options (for example, raising property taxes) were politically off the table for many council members: multiple council members said they would not support a property‑tax increase after voters defeated the sales tax referendum.
Staff provided project status and timeline: about $11,000,000 has been expended to date (roughly $5M county and $6M DOT), the project is near 30% design and is finishing environmental review; if funded and permitted, design, permitting, right‑of‑way and utility work would take about 2.5 years and construction roughly 2.5–3 years, pushing final completion toward the end of the decade.
After discussion, council made a motion directing the administrator to respond to the SIB that Beaufort County cannot meet the near‑term shortfall but to request that the SIB hold its $120 million commitment while the county explores alternatives. The motion also preserved the county’s then‑existing commitments and said the county would continue to investigate federal grants and other funding mixes. The motion was approved without objection.
What happens next: administration will draft a letter to the SIB reflecting the council direction and will pursue the options discussed, including federal grant applications and other funding strategies; the SIB requested a response within 15 days in its letter.
