Banner financial year for the Southern Connector
February 18, 2014
GREENVILLE, SC – February 18, 2014 – Officials with the Southern Connector released information today showing that 2013 was successful financially following the toll road’s bankruptcy restructuring.
The following were high points for the year:
- 4,688,005 transactions were processed for the year.
- $6,963,035 revenue was collected, which were an all-time high.
- $134,663 was collected for toll violations, which were an all-time high.
- All three tiers of bonds (debt service) were paid in full as required.
- As required, SCDOT received 10 percent of the cash flow for the Renewal and Replacement Fund.
- An additional $28,300 was deposited into the Bond Prepayment Fund.
The Southern Connector is an important asset for Upstate South Carolina. Upstate lawmakers have leveraged the Connector in the past decade as the local match to help pay for more than $406 million worth of roadway improvements including I-385 widening and building the roads at CU-ICAR.
We are pleased with our progress in 2013, said Bill Carpenter, Chairman of Connector 2000 Association which is the group that oversees the management of the highway. Our general manager, Pete Femia, and his staff have exceeded most observer’s expectations this last year which was our second year of operation after the bond restructuring.
About the Southern Connector
The 16-mile Southern Connector was opened in 2001, eight and a half months ahead of schedule and under budget. The road was built with private money through a unique public-private partnership. No tax money was used for construction of the road, but the state owns the highway, while the Association has the right to collect and retain tolls under a license from the state through 2051.
