The Transportation Commission has approved a Comprehensive Development Agreement (CDA) with Cintra Concessiones de Infraestructuras de Transporte that will provide more than $5 billion for State Highway 121 and other transportation projects in North Texas. This approach to funding is expected to bring completion of the SH 121 project by 2011 — a quarter century faster than would have been possible with traditional gasoline tax revenue. The agreement with Cintra, a joint venture with a fund advised by JPMorgan Asset Management, is expected to close this summer. It will bring North Texas a $2.1-billion concession payment plus $560 million for design and construction of SH 121 in Denton and Collins counties. In addition, Cintra will pay $700 million in lease payments over the next 49 years as well as $1.7 billion for operation and maintenance of the toll road.
The Regional Transportation Council (RTC) of the North Central Texas Council of Governments and Texas Department of Transportation (TxDOT) staff recommended Cintra after reviewing and scoring proposals from Cintra and two other firms based on criteria set forth by the RTC. Cintra is also a partner in a joint venture with Zachry Construction Co., which has been awarded CDAs for the development of the Trans Texas Corridor and for the southern portion of SH 130.