The Grand Parkway Transportation Corporation is a public, nonprofit corporation created on April 3, 2012, under Subchapters A-C of Chapter 431, Texas Transportation Code. The Texas Transportation Commission authorized the creation of the Corporation on March 29, 2012, to act on behalf of the Commission to lead the effort to finance, build and operate certain segments of the Grand Parkway. The Corporation has established the Grand Parkway System, which includes the portion of Segment D in Harris County and Segments E, F-1, F-2, G, H, I-1, and I-2.
The Corporation issued bonds to finance delivery of the Grand Parkway System. Certain bonds are supported by a toll equity loan agreement with the Texas Department of Transportation. The bonds are not obligations of the commission. Learn more.
The Grand Parkway Transportation Corporation has a three-member board of directors, each of whom are employees of the Texas Department of Transportation.
|Stephen Stewart, CPA||President||Aug. 31, 2027||Chief Financial Officer, TxDOT|
|Richard McMonagle||Vice president||Aug. 31, 2027||Chief Administrative Officer, TxDOT|
|Mo Bur||Board member||Aug. 31, 2027||Director of Project Development, TxDOT|
|Benjamin Asher||Secretary/Treasurer||N/A||Project Finance, Debt and Strategic Contracts Director, TxDOT|
Market Valuation Waiver Agreement
In 2009, TxDOT and the seven counties (Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty and Montgomery) traversed by the Grand Parkway Project signed a Market Valuation Waiver Agreement (MVWA) to agree on certain policies and principles for the development of the 184-mile toll project. The MVWA describes the minimum scope and ultimate scope of the Grand Parkway Project and phased construction of a number of direct connectors. Frontage roads are limited to specified intermittent distances to prevent adverse effects on toll revenues. In addition, the MVWA sets out principles of governance for all segments of the Grand Parkway Project, including: (1) baseline toll rates and annual toll escalation policy that are based on average per mile toll rates of the Harris County Toll Road Authority in effect in 2009; (2) a prohibition on the use of toll revenues outside the Grand Parkway Project until the ultimate scope has been constructed and placed in service; and (3) limits on competing roads that impact tolled traffic on the corridor project.