Because of reluctance through the last decade to raise the gas tax, the historical source of transportation dollars in Texas, state funding for transportation projects has not kept pace with demand. Today, the Texas Department of Transportation (TxDOT) estimates that there is only enough funding to cover the maintenance of the state’s existing roadway network. In an attempt to provide a remedy to this funding crisis, the Texas Legislature authorized a new way to fund and accelerate the development of critically needed roadway projects. The State now has the ability to partner with local governments to fund locally prioritized projects through the use of Pass-Through Financing. This finance mechanism allows a local government to fund and construct a project today and be repaid by the State as motorists travel the new or improved roadway. While the local government provides the initial funding, ultimately a portion of the project cost is “passed through” to the State. Once the project is constructed and operational, the State, through TxDOT, pays the community back.
In 2008, the City of Forney executed a Pass-Through Finance Agreement with TxDOT in the amount of $40,191,406 to improve the intersection of US 80 and FM 548, FM 741 and FM 740. In addition, the TxDOT-Dallas District committed an additional $16 million to the project. The City selected Forney Roadbuilders, LP to act as Developer for the Forney Pass-Through Program. When completed in 2012, these newly improved projects will provide additional capacity to address the growing mobility needs of the City.
FORNEY ROADBUILDERS
Jennie Taraborelli, Development Manager
Mark Heidaker, Project Manager
Shane Gibson, Project Engineer
402 East Brooks
Forney, TX 75126
Office: 972-552-2656
Fax: 972-552-5847
aaldridge@patetransportation.com