200 E. Riverside Drive
Conference Room 1A.1
Austin, TX 78704
|When:||Thursday, July 17, 2014
5:30 p.m. - 7:30 p.m.
|Purpose:||The Texas Department of Transportation (TxDOT) will hold a public hearing concerning this disclosure of financial information for the SH 71 Toll Lanes Project. Questions and comments concerning the financial information will be accepted by TxDOT at the public hearing.
Submit questions and comments by email or by U.S. mail addressed to:
TxDOT Procurement Engineer
Persons interested in attending the hearing who have special communication or accommodation needs are encouraged to contact the procurement engineer office at (512) 831-6782. Requests should be made at least 72 hours prior to the public hearing. Because the public hearing will be conducted in English, any requests for language interpreters or other special communication needs should also be made at least 72 hours prior to the public hearing. TxDOT will make every reasonable effort to accommodate these needs.
|Description:||Pursuant to the authority granted under Texas Transportation Code, Chapter 223, Subchapter F, TxDOT has solicited proposals and recommended selection of a proposer for award of a DBA to design and construct approximately 3.9 miles of toll lanes, general purpose lanes, at-grade ramps and intersection improvements on State Highway (SH) 71 from Presidential Boulevard to just east of SH 130, located in Travis County, Texas (the SH 71 Toll Lanes Project, or the project). The project also includes the realignment of Farm to Market (FM) 973 from just south of the Colorado River to a point approximately 0.5 miles south of the current SH 71/FM 973 intersection. The tolled lanes will be operated by, and the tolls collected by, the Central Texas Regional Mobility Authority (CTRMA). On June 26, 2014, in minute order 113978, the Texas Transportation Commission determined that the proposal submitted by McCarthy Building Companies, Inc. (DB Contractor) provides the apparent best value to TxDOT and authorized TxDOT to commence and complete negotiations necessary to finalize the DBA.
Under the DBA, construction work will begin in late 2014 or early 2015 and is scheduled to be completed in late 2016. TxDOT owns and will continue to own the project. The tolled lanes will be operated by CTRMA upon substantial completion of the project.
Pursuant to Transportation Code, Chapter 371, subchapter D, TxDOT is publishing financial information regarding the project and providing notice of a public hearing that will be held regarding the financial disclosure.
TxDOT intends to fund the SH 71 Toll Lanes Project with federal and state funding sources. No debt has been or will be assumed to acquire, design and construct the SH 71 Toll Lanes Project.
Duration of Tolling
CTRMA will collect tolls on the SH 71 Toll Lanes Project even though there is no debt to repay.
Method for Setting Toll Rates
The initial toll rates will be set by the CTRMA in accordance with their mobility authority policy code, Chapter 3 and in accordance with the project agreement for the SH 71 Toll Lanes Project, dated as of Dec. 11, 2013, between TxDOT and CTRMA (the project agreement). The policy provides for fixed tolling rates for the project with annual escalation based on inflation. Additionally, the project agreement between TxDOT and CTRMA requires CTRMA to set toll rates at an amount expected to yield net revenues sufficient to reimburse TxDOT for amounts owed by CTRMA to TxDOT under the project agreement.
TxDOT has the right to build any facilities at any time. There are no terms in the DBA related to competing facilities and there are no penalties associated with their construction.
Termination for Convenience
TxDOT has the right to terminate the DBA at any time without cause. If TxDOT elects to exercise this right, TxDOT must pay the DB Contractor for the design and construction work already performed under the DBA and the costs of terminating subcontracts.
Based on the SH 71 Express Toll Lanes Project traffic and revenue forecasts toll rates will be as follows in current dollars:
Tolling will be static and increase on Jan. 1 of each year with inflation rates. The rate for 2051 is based on a 3 percent annual increase in toll rates.
Methodology for Increasing Toll Rates
Toll rates will be static (not changing based on traffic conditions) and increase with the annual toll rate escalation.
There will be no concession payments.
|Contact:||TxDOT Procurement Engineer
7600 Chevy Chase Drive
Building 2, Suite 400
Austin, TX 78752