- The project represents a total investment of approximately 2.7 billion dollars
- The concession period is for 52 years from the signature of the Concession Agreement.
A Cintra led consortium bid has been selected by the Texas Department of Transportation as the Best Value Proposal for the construction, maintenance and operation of 27.2 km (17 miles) of improvements within the IH-635 Managed Lanes project located in the Dallas/Fort Worth region of Texas, USA.
The contract, pending finalization with TxDOT, also includes rebuilding, operating and maintaining the existing lanes (untolled) on IH-635 in Dallas County, which is located in the metropolitan area of Dallas. New tolled lanes will also be built at this time along IH-635 and IH-35E and will provide additional capacity.
Tolls will be completely electronic and have no barriers. This will allow for ease of traffic movement while enabling access for a larger volume of undisturbed traffic. Tolls will be set dynamically on the basis of demand, and will vary throughout the day with the goal of providing users a safe and reliable level of service. Traffic on the road will be monitored in real time, with the goal of keeping traffic flowing at no less than 50 miles per hour in all segments.
The project represents an estimated 2.7 billion dollars of investment and the concession period will be 52 years from the date of signature of the concession contract. Construction is expected to begin between mid 2010 and mid 2011 and be on fast track for completion by 2016.
Funding, which is expected to be finalized in the, approximately, next eighteen months, will include government backed loans from the US Department of Transportation that encourage private sector participation in infrastructure development. The winning consortium comprises Cintra (55%) and Meridiam Infrastructure (45%).
Additionally, negotiations are under way for Dallas Police & Fire Pension System to acquire a stake of approximately 10% from Cintra and Meridiam, although Cintra will keep a participation of at least 51%. The final contract award is conditional upon signature of the concession agreement and upon obtaining the committed public funds. The project, which will relieve congestion in one of Texas most congested corridors, has been described by the Texas Department of Transportation (TxDOT) as the most comprehensive and complex managed lanes project in the country.
Following the final award of this contract and the other two projects awarded in 2009, Cintra will manage 26 toll roads in Spain (7), Portugal (3), Greece (2), Ireland (2), Poland (1), Chile (5), Canada (1) and the USA (5). Cintra is also Spain’s leading car park operator and manages close to 300,000 parking spaces, most of them in Spain.