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State Highway 121 Project Agreement Completed The SH 121 project agreement has now been signed by Jorge C. Figueredo, NTTA Executive Director, and submitted to TXDOT. When TxDOT’s Executive Director signs the agreement, the NTTA will then have 45 days to achieve the “financial close” and to deliver a $2.5 billion upfront payment to TxDOT. An additional $833 million upfront payment, representing the current value of 49 future annual payments, will be made to the RTC at TxDOT’s direction for regional transportation projects. The RTC has already received proposals from cities and counties and will decide how the $3.3 billion will be used for additional mobility projects throughout North Texas.
“We are nearing the final execution of SH 121 project agreement and I thank all of our partners who have worked tirelessly and expeditiously to complete it,” said Paul N. Wageman, Chairman of the NTTA Board of Directors. “The NTTA looks forward to delivering the upfront payment to TxDOT and the RTC in the near future. The real work begins when our team of designers and contractors complete this critical roadway for Collin, Dallas and Denton counties.”
“The motor fuel tax can no longer keep up with the growth we are experiencing in North Texas and falls short of meeting our transportation needs. TxDOT has a plan to make up the financial shortfall and it involves doing exactly what occurred on SH 121. This included seeking innovative solutions, working with partners like the NTTA and empowering local communities and the RTC to help fill the transportation funding gap," said Bill Hale, P.E., District Engineer, Dallas District of the Texas Department of Transportation.
“This region, like the rest of the nation, is facing a tremendous shortfall in transportation funding,” said Michael Morris, director of transportation of the NCTCOG. “This agreement with NTTA will mean freeway, thoroughfare, passenger rail and air quality projects can be built years ahead of schedule. Keeping up with the tremendous growth and transportation needs of the region is a high priority.”
On June 28, the TTC, the Commission that oversees TxDOT, instructed the NTTA and the RTC, with observation and input from TxDOT, to prepare a project agreement term sheet within 60 days. The three partners worked diligently to meet the demanding schedule.
The SH 121 toll project is a 25.9 mile, all-electronic toll road through Collin, Dallas and Denton counties from McKinney where SH 121 intersects with U.S. 75 west to near the Tarrant County line.
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