Ed Cole, Environmental Bureau Chief for the Tennessee Department of Transportation, recently suggested that the Knoxville Parkway could be the state’s first toll road. He also said that if the road were approved as a tollway it could be completed as much as a decade sooner than if the road was funded from Tennessee’s general fund.
The Knoxville Parkway – formerly known as the “Orange Route” – would connect I-40 near Watt Road with I-75 in northern Knox County. The Knoxville Chamber has been the project’s chief advocate.
Cole provided his update on the road during a presentation to the Knoxville Chamber. Organized by the organization’s Transportation Committee, the event was an opportunity to hear about the current status of the Knoxville Parkway project.
The General Assembly passed legislation authorizing toll roads during the 2007 legislative session. The law stipulates that the only one road and one bridge may be approved as a toll project per year, and that the Legislature would have to approve those projects. The projects must go through the stringent environmental and public approval process associated with highway construction. In addition, the toll project could not be a privately owned road.
The Knoxville Parkway is estimated to be a $600 million project and final approval for it is not expected until 2010. If it were financed traditionally, Cole did not expect completion until 2020 or 2022. If it were a toll road he said it might be finished by 2012 or 2014.
Cole said the need for this new highway construction financing mechanism is a result of lower levels of federal transportation funding and a softening of the state’s gas tax revenues.
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