Today State and regional officials announced an almost $3 billion deal for North Texas’ first privately operated toll road, State Highway 121 in Collin and Denton counties.
Cintra Concesiones de Infraestructuras de Transporte SA will pay $2.1 billion for the rights to operate the lucrative toll project through 2057. The Spanish company also has agreed to share an estimated $700 million in toll revenue in equal payments over the life of the contract.
State leaders tout the deal as the first of its kind in Texas, in which a single company will design, build and operate a substantial portion of the road. It also marks the first public-private deal in North Texas, and further solidifies Cintra’s presence in Texas’ growing toll road network. The company in late 2004 won the development contract for the Trans-Texas Corridor.
In winning the 121 contract, Madrid-based Cintra beat out two other heavy hitters in the toll road construction business: Skanska BOT of Sweden and Macquarie Infrastructure Group, which has roots in Australia.
The 121 deal must be ratified by the Texas Transportation Commission. Texas Department of Transportation officials will recommend Wednesday that the commission approve the deal, but the proposal still must clear financial and environmental reviews before it can be formally approved.
Source: Dallas Morning News
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