The North Texas Tollway Authority (NTTA) and the Texas Department of Transportation (TxDOT) have each approved an initial public-private partnership project agreement for the completion of the State Highway 360 through lanes as a toll project.
The initial agreement was approved by the NTTA board in January and by the Texas Transportation Commission on Feb. 28. The final project agreement is still subject to approval by both groups. The agencies are negotiating the terms of the agreement including development, financing, construction, operation and maintenance.
The project would construct a four-lane toll road on Highway 360 south of I-20 to East Broad Street in Mansfield and a two-lane roadway from Broad Street south to U.S. 287. The initial project will also include completion of the frontage roads south of Broad Street.
“This project has been in the making for more than 20 years and represents a significant effort on the part of several Mansfield city councils, city staff, state legislators and community leaders,” said City Manager Clayton Chandler. “Completion of this roadway will significantly impact not only the economic growth of our city but the quality of life of our residents, many of whom drive Highway 360 every day.”
No specific timeline for the project has been approved but officials say it could be 2015-2016 before construction could begin. City leaders say construction of Highway 360 as a toll road ensures the road will be constructed within the next five to 10 years instead of 10 to 20 years.
NTTA funds projects through the issuance of turnpike revenue bonds since toll projects are not a part of the state highway system and receive no direct tax funding. Tolls are collected to repay debt and to operate and maintain the roadways.