Southwest Parkway takes another step forward

The Texas Transportation Commission voted Oct. 30 to approve the terms of an agreement between the Texas Department of Transportation and the North Texas Tollway Authority to move forward on plans for the State Highway 161, Southwest Parkway and Chisholm Trail projects.

The agreement was announced Oct. 15 and already had been approved by the Tollway Authority, according to a release.

As per the agreement, the Tollway Authority will develop S.H.161 and the Department of Transportation will provide a toll equity loan to guarantee payment of eligible costs associated with the development, operation and maintenance of the project, according to a release.

The Tollway Authority and Department of Transportation agreed to waive market valuation on the Chisholm Trail and combine this project with the Southwest Parkway to enhance both feasibility and delivery time, according to a release.

Subject to the Tollway Authority establishing feasibility and previously-programmed Regional Transportation Council funds remaining committed to these projects, the Tollway Authority will deliver the entire Southwest Parkway and Chisholm Trail project and the Department of Transportation will be relieved of its financial commitment to build major interchanges for the project, according to a release.

“This agreement continues to advance TxDOT’s efforts to improve mobility,” said Texas Transportation Commissioner Bill Meadows in a statement. “NTTA is a great partner for TxDOT as we move forward together with work on these projects. We are sharing risk, sharing responsibility and building three important roads for the Metroplex.”

According to a release, the Tollway Authority will contribute $400 million to the development of the project.

Contact Wimmer at lwimmer@bizpress.net