The
North Texas Tollway Authority voted today to borrow nearly $1.2 billion
and formally accept State Highway 161 into its growing network of toll
roads.
The decision means construction on the final leg of the
11.5 mile road between Irving and Grand Prairie can begin as soon as
next month, and be open to full traffic by late 2012.
The
decision adds to NTTA's already staggering $7 billion debt, and puts
future drivers in the role of guarantors for the new loans, since toll rates will go up if traffic on highway is significantly below expectations.
Texas taxpayers could be on the hook, too. That's
because the Texas Department of Transportation guaranteed the debt for
SH 161, promising to make annual debt payments for decades, in the unlikely event that traffic is so low the road can't support itself even after rates are increased.
The NTTA board's vote to proceed with the project was 8 to 1, with Bill Moore, an appointee from Collin County, opposed.
Under NTTA's rules, it would have taken only two "no" votes to scuttle the project.
Even some of those voting for the deal expressed concerns.
Board Chairman Paul Wageman of Plano said the North Texas region has too many toll roads as it is.
Vice Chairman Victor Vandergriff of Arlington said taking on the
project means the agency could be "sidelined for a number of years,"
unable to proceed with other major new ventures.