A project to build two express toll lanes on MoPac got a little closer to reality Monday night.
The Capital Area Metropolitan Planning Organization, or CAMPO, executive board agreed to allocate money to the 11-mile, $200 million project to be built by the Central Texas Regional Mobility Authority. CTRMA will receive $130 million; in exchange, the tolling agency will repay the money by paying $230 million into a regional mobility fund over the next 25 years. CAMPO will be responsible for allocating that money.
Officials said that if the lanes were to be built under traditional financing methods, the project would cost $544 million.
The funding agreement still needs to be approved by the Texas Transportation Commission to take effect.