Northeast Texas RMA marketing campaign will promote tolling on Loop 49
Regional mobility authority chooses financial advisers
April 05,, 2006
By JIMMY ISAAC
Longview News-Journal
Copyright 2006
TYLER — The Northeast Texas Regional Mobility Authority secured two investment and brokerage firms Tuesday to become the board's financial advisers.
Estrada Hinojosa Investment Bankers and First Southwest Co./Southwest Securities were asked to join forces in counseling and advocating for the RMA in future bond acquisitions to fund highway projects such as Loop 49 in Smith County and Texas 42 improvements and George Richey Road expansion in Gregg County.
Estrada Hinojosa Vice President David G. Gordon told the board he believed his firm could do the job itself but was hopeful the companies could forge a comprehensive effort for the RMA.
Estrada Hinojosa has amassed a total advisory volume of $30.6 billion and is the pre-eminent Hispanic-owned investment banking firm in the nation, according to its Web site.
First Southwest, with more than 1,600 clients in its 60th year of operation, is the third-largest adviser according to the 2005 national Financial Advisory Rankings. It had made a combined bid with Southwest Securities to RMA members.
Both firms have offices in Texas and have served other East Texas entities.
The RMA turned down bids from RBC Capital Markets, although Finance Chairman Gary Holbrooks was complimentary of all three bids. He said the board wanted advisers who understand the area and have great local presence.
The three selected firms were asked to reply to the RMA's legal counsel, Brian Cassidy, by April 17 to confirm whether the joint effort could be reached.
"I think we're blossoming faster than I think any of us ever thought we would," Holbrooks said. "I think we can draw great strength from both of those firms to help us move forward."
Texas 42 became the subject of discussion earlier in the meeting after Texas Department of Transportation engineer Mike Battles said he had received 12 letters of interest from prospective consultants for future widening and upgrade of the highway between White Oak and Kilgore.
"We want to make sure we know what the cost of the project is ... so that the RMA has all the answers," said Battles, who also noted that the mobility board's interest in the project has ignited the Transportation Department's interest.
Texas 42 was considered among the department's long-range planning goals when the RMA formed last April. A $15 million allocation from the Longview Metropolitan Planning Organization and continued RMA dialogue with state and regional officials has initiated talks of the road being widened and also extended with George Richey Road in northern Gregg County, all within the next decade.
Longview Senior Transportation Planner Karen Owen said she'd like to see all three efforts — Texas 42 widening from U.S. 80 to Interstate 20, south to Texas 31 and a connection with George Richey Road to Texas 300 — as one package.
"I think we ask for the whole thing," concurred RMA chairman Jeff Austin III.
Battles also announced that Loop 49's first segment, between Texas 69 and Texas 155 in south Tyler, could have its grand opening before area schools begin their fall semester. The loop is the first toll road approved for the region and is expected to generate revenue that will help fund other projects. Tolls for Loop 49 have not been set.
"We are actively beginning looking at our marketing campaign to promote tolling on Loop 49," Battles said.
© 2006 Longview News-Journal www.news-journal.com
April 05,, 2006
By JIMMY ISAAC
Longview News-Journal
Copyright 2006
TYLER — The Northeast Texas Regional Mobility Authority secured two investment and brokerage firms Tuesday to become the board's financial advisers.
Estrada Hinojosa Investment Bankers and First Southwest Co./Southwest Securities were asked to join forces in counseling and advocating for the RMA in future bond acquisitions to fund highway projects such as Loop 49 in Smith County and Texas 42 improvements and George Richey Road expansion in Gregg County.
Estrada Hinojosa Vice President David G. Gordon told the board he believed his firm could do the job itself but was hopeful the companies could forge a comprehensive effort for the RMA.
Estrada Hinojosa has amassed a total advisory volume of $30.6 billion and is the pre-eminent Hispanic-owned investment banking firm in the nation, according to its Web site.
First Southwest, with more than 1,600 clients in its 60th year of operation, is the third-largest adviser according to the 2005 national Financial Advisory Rankings. It had made a combined bid with Southwest Securities to RMA members.
Both firms have offices in Texas and have served other East Texas entities.
The RMA turned down bids from RBC Capital Markets, although Finance Chairman Gary Holbrooks was complimentary of all three bids. He said the board wanted advisers who understand the area and have great local presence.
The three selected firms were asked to reply to the RMA's legal counsel, Brian Cassidy, by April 17 to confirm whether the joint effort could be reached.
"I think we're blossoming faster than I think any of us ever thought we would," Holbrooks said. "I think we can draw great strength from both of those firms to help us move forward."
Texas 42 became the subject of discussion earlier in the meeting after Texas Department of Transportation engineer Mike Battles said he had received 12 letters of interest from prospective consultants for future widening and upgrade of the highway between White Oak and Kilgore.
"We want to make sure we know what the cost of the project is ... so that the RMA has all the answers," said Battles, who also noted that the mobility board's interest in the project has ignited the Transportation Department's interest.
Texas 42 was considered among the department's long-range planning goals when the RMA formed last April. A $15 million allocation from the Longview Metropolitan Planning Organization and continued RMA dialogue with state and regional officials has initiated talks of the road being widened and also extended with George Richey Road in northern Gregg County, all within the next decade.
Longview Senior Transportation Planner Karen Owen said she'd like to see all three efforts — Texas 42 widening from U.S. 80 to Interstate 20, south to Texas 31 and a connection with George Richey Road to Texas 300 — as one package.
"I think we ask for the whole thing," concurred RMA chairman Jeff Austin III.
Battles also announced that Loop 49's first segment, between Texas 69 and Texas 155 in south Tyler, could have its grand opening before area schools begin their fall semester. The loop is the first toll road approved for the region and is expected to generate revenue that will help fund other projects. Tolls for Loop 49 have not been set.
"We are actively beginning looking at our marketing campaign to promote tolling on Loop 49," Battles said.
© 2006 Longview News-Journal
posted by Porkus Maximus Tex: at Wednesday, April 05, 2006
<< Home