Charleston County is no longer in default of its Interstate 526 contract and will not have to pay back the $11.6 million to the State Infrastructure Bank within its original 60-day deadline.
In a letter addressed to Charleston County attorney Joe Dawson from the State Infrastructure Bank's attorney, the 60-day period to pay back $11.6 million has been suspended and "the county is not required to take any further actions with respect to the board's decision."
In a meeting back in early May, the bank told council members their vote against completing the Mark Clark expressway meant they broke their contract.
The bank told the council it had to either re-pay the almost $12 million within 60 days or take another vote and continue with the project.
According to Charleston County Council Chairman Teddie Pryor, the county will now take five to sixth months to review options for the I-526 project. Pryor said the county will conduct an official poll to gather more public input on whether to complete or not complete I-526.
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