Wednesday, June 28, 2006

Cintra pays $1.3 Billion to build and toll the final 40 miles of Highway 130

State reaches $1.3 billion deal to finish toll road

June 28, 2006,

Associated Press
Copyright 2006

AUSTIN — The developer of the proposed Trans Texas Corridor has reached a new $1.3 billion agreement with the state to build the final 40 miles of the state toll Highway 130, stretching from Austin to Seguin.

Under the agreement expected to be signed Thursday, developer Cintra-Zachry will invest the $1.3 billion to build the road and will receive a 50-year contract to collect the tolls.

According to the Texas Department of Transportation, 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 wil be a state-owned road while Cintra-Zachry will be responsible for the financing, design, construction, operation and maintenance over 50 years.

© 2006 The Associated Press: