TxDOT recently announced that it has selected a design-builder for sections of the Grand Parkway that will run south of Tomball and into Montgomery County.
Zachry-Odebrecht Parkway Builders, J.V., was selected to develop, design, construct and maintain sections F-1, F-2 and G. The sections will complete about 38 miles of the toll road project, from US 290 to US 59 North. The project is expected to cost just more than $1 billion.
Construction will begin in 2013 and TxDOT is hopeful work can be completed in 2015. After the project is completed the developer will handle capital maintenance responsibilities for up to three consecutive five-year terms. TxDOT officials went on to explain that they still own the project and will continue to when the highway is complete.
TxDOT held two public hearings to discuss the financial aspects of the project Oct. 30. Those that attended heard how TxDOT planned to pay for the project.
Officials said that TxDOT will fund the project with toll revenue bonds issued by the Grand Parkway Transportation Corporation (GPTC). Officials with that group expect to issue just less than $3 billion in debt to finance design costs, construction and right-of-way acquisition. They anticipate to pay the debt within 40 years strictly with toll revenue.
Learn more about the project by visiting www.txdot.gave and use keyword Grand Parkway.