After months of rancorous arguments TxDOT has backed down agreeing to NTTA terms, reaching a kind of agreement on the value of the toll concession on State Highway 161 (TX161) in the south central part of the Dallas-Ft Worth metro area. Agreement on the "market valuation" of the concession with NTTA allowed construction of the road to begin today.
North Texas Tollway Authority (NTTA) continues a protracted effort to gain a toll concession on State Highway 161 (TX161) for about $500m less than investors are willing to advance. NTTA says the project is worth $1200m or about $300m more than the $900m that the 18km (11 mile) highway will cost to build.
SH 130 Concession Company LLC finalized the legal details of a financial close with Texas DOT on a $1,360m toll concession to build SH130 segments 5&6 Thursday and Friday last week in bankers' offices in New York City - at Orrick, 666 Fifth Avenue. The actual money flows should occur on Thursday or Friday (Mar 13 or 14) this week, Jose Maria Lopez de Fuentes, president of Cintra North America, told us this morning.
North Texas Tollway Authority has successfully refinanced $2.4 billion of bond anticipation notes (BANs). The sale of bonds today was heavily oversubscribed. Over 60 institutions put orders in for $16b in NTTA bonds according to Bear Stearns who organized the placement.
NTTA chairman Paul Wageman said the result was "particularly gratifying" given recent turbulence in the municipal bond markets.
Central Texas RMA, operator of the 183A tollroad northwest of Austin TX is moving to implement video tolling, as a first step toward giving up cash collection. They expect to begin sending out video toll bills in March or April. Cash collection will continue for now.
The move to video tolling was endorsed by the board of directors of the CTRMA today.
Thanks to Ron Utt, Heritage Foundation.
Longtime head of the turnpike or tolls division of Texas DOT Phil Russell has been promoted to assistant executive director of the department. He is one of three AEDs immediately under the executive director Amadeo Saenz and the deputy executive director.
Ric Williamson chairman of the Texas Transportation Commission and a strong advocate of toll financing died of a heart attack in the early hours of this morning. Williamson, 55, was first appointed to the commission - which makes policy for TxDOT and has various executive functions - in 2001 and became its chairman in Jan 2004.
A TxDOT letter formally requesting detailed proposals asks Trans Texas Corridor 69 bidders to focus on upgrade to interstate expressway standard of US77 in the far south of corridor.