Wave Transit asking for $700K loan, services to continue as usual
NEW HANOVER COUNTY, NC (WWAY) — Wave Transit is asking for a $700,000 loan from New Hanover County and the City of Wilmington, according to an email sent by the Cape Fear Public Transit Authority.
In an email sent to the city and county, CFPTA Director of Finance Joseph Minnini said this is due to the delay in state and federal funding. He added, without a loan or advance, they would be forced to suspend operations as soon as February 15.
The transportation organization has been expecting SMAP funding of $697,000 from the state since the beginning of January and a federal grant of $500,000. Without these funds, Wave is falling $1,197,000 short.
Wave Transit Board Member Laura Padgett clarified the transportation authority is not asking for additional funding.
“The state will be paying it, we will get it. We just don’t have it yet because the state is late,” Padgett said.
She says the delay is likely due to the state’s Department of Transportation cash flow issues.
However, in a statement released on Thursday from Wave’s Executive Director Albert Eby, services will not be disrupted.
Contrary to select media reports, the Cape Fear Public Transportation Authority is not considering any disruption in service. The Authority is working with its funding partners to mitigate a cash flow situation created from nearly $700,000 in approved funding that
has been delayed. According to Authority Executive Director Albert Eby, “Wave Transit is
confident that necessary funding is available to ensure that no bus service will be impacted as a result of the delay in approved funding.”
Following Thursday’s meeting, Board Member Laura Padgett reinforced this statement.
“We do not have any intention to shut down in February. Wave is not shutting down in February,” she said.
The City of Wilmington and New Hanover County say they are seeking more information and are determining how to proceed with the situation at this time.