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Posted: 5:19 PM Jun 28, 2006
State Reaches Deal To Finish Toll Road
The state has reached a $1.3 billion deal to finish the last stretch of a toll highway from Austin to Seguin.
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(June 28, 2006)--The developer of the proposed Trans Texas Corridor has reached an agreement to build the final 40 miles of the state toll Highway 130.
The area stretches from Austin to Seguin.
The $1.3 billion deal with the state should be signed Thursday.
Under the plan, developer Cintra-Zachry will invest the $1.3 billion to build the road and will receive a 50-year contract to collect the tolls.
The Texas Department of Transportation says the state's cut of toll revenue will begin with the first toll collected and will eventually reach a 50-50 split with the company.
The highway will be a state-owned road while Cintra-Zachry will be responsible for the financing, design, construction, operation and maintenance over half-a century.
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