HOUSTON — The Texas Department of Transportation (TxDOT) has selected Zachry-Odebrecht Parkway Builders, J.V. as the design-builder (developer) to develop, design, construct and maintain Segments F-1, F-2 and G of SH 99 (the Grand Parkway Project) in Harris and Montgomery Counties. Zachry-Odebrecht Parkway Builders will develop approximately 38 miles of new toll road from US 290 to US 59 North; the development contract is estimated to cost $1.04 billion.
The construction work will begin in 2013 and is scheduled to be completed in 2015. Upon completion, the developer will handle capital maintenance responsibilities under a Capital Maintenance Agreement for up to three consecutive five-year terms. TxDOT owns and will continue to own the project.
TxDOT will hold two concurrent public hearings to discuss the financial details of the project on October 30, 2012. Specifically, TxDOT intends to fund the Grand Parkway Project with toll revenue bonds to be issued by Grand Parkway Transportation Corporation (GPTC). GPTC expects to issue an estimated $2.78 billion in project debt to finance the costs of design, construction, and acquisition of right-of-way of the Grand Parkway Project, together with costs related to construction of Segments D and E of the Grand Parkway that are located in Harris County. The debt will be repaid with toll revenues and is anticipated to be repaid in 40 years.
The two hearings will begin at 6:00 p.m. with one at the Texas Department of Transportation (Auditorium), 7600 Washington Avenue, Houston TX, 77007 and the other at Conroe High School (Auditorium), 3200 West Davis Street, Conroe, TX 77304. Both meetings will begin with a one-hour open house segment, followed by a formal hearing presentation to begin at 7:00 p.m. Questions and comments concerning the financial information will be accepted by TxDOT at the public hearings.
You can find out more about this project at www.txdot.gov. keyword: Grand Parkway.