CAMPO gives preliminary nod to MoPac loan deal
by KJCE Staff
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posted Apr 10 2012 7:22AM
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CAMPO board members gave a preliminary nod Monday night to a loan deal that will put managed lanes on MoPac into the fast lane.
The Capital Area Metropolitan Planning Organization will take a final vote on the deal on June 11. Support for the plan was conditional, however, with board members seeking to exact better terms for the loan to the Central Texas Regional Mobility Authority, the tolling agency that runs 183-A, the upcoming Manor Expressway, and the future managed lanes on MoPac.
The CTRMA is seeking to build a "managed" lane in each direction on MoPac between Lady Bird Lake and Parmer Lane. Managed lanes charge different toll rates depending on traffic volumes, aiming to keep congestion down and speeds up. The loan proposal suggested by CTRMA would have the authority pay back CAMPO over 22 years at an interest rate of 3 percent. Some CAMPO board members, however, think the rate should be higher and the payback should be a little bit sooner, so that the agency has resources to devote to Interstate 35 as well.
CTRMA officials said that with the new cash from TxDOT, the project could be built for about $200 million and probably be commenced six months earlier than planned.
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