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I-35W Ready To Turn Dirt With Financial Close Announced

September 20,2013

35 W

Source: 35W Coalition

NTE Mobility Partners announced yesterday that it has achieved financial close and secured funding for the reconstruction of I-35W from I-30 through the I-820 interchange (known as Segment 3A of the North Tarrant Express). This is a significant milestone in the redevelopment and expansion of one of the most critical, and most-congested, corridors in North Texas and in the country.

"This is a huge win for Tarrant County and all of North Texas," said Russell Laughlin, 35W Coalition President. "Commuters, businesses and residents will have much-needed and long-anticipated relief from daily traffic congestion that is impacting economic development in the region." Laughlin added the advancement of the project "would not have been accomplished without a comprehensive team effort among our partners at the Texas Department of Transportation, our local, state and federal elected officials, 35W Coalition members, and NTE Mobility Partners."
Segment 3A of the NTE is a $1.4 billion project that will rebuild 6.5 miles of the existing main lanes of I-35W, construct expanded frontage roads, and expand the highway with the addition of two TEXpress lanes (or managed toll lanes) in both directions, doubling the capacity of the highway. Construction is already underway on the 3.6-mile stretch of I-35W from I-820 to US 287 and should be completed in 2017.

An innovative public-private partnership is funding this portion of the I-35W reconstruction, including $531 million from a federal TIFIA (Transportation Infrastructure Finance and Innovation Act) loan; $446 million in private equity from investment partners; $273 million in Private Activity Bonds (PABs); and $130 million in public funds allocated by TxDOT and the North Central Texas Council of Governments (NCTCOG).

"We have proven that leveraging limited public resources with private investment can successfully advance multi-billion-dollar transportation projects - decades ahead of schedule - add thousands of local jobs and drive long-term economic growth," added Laughlin. 

NEXT QUARTERLY MEETING: OCTOBER 23

The next quarterly membership meeting of the 35W Coalition will take place on Wednesday, October 23, at 10 a.m. (networking begins at 9:30 a.m.), at the Radisson Hotel Fort Worth North, 2540 Meacham Blvd.

At the meeting, the Coalition will honor the distinguished career of Maribel Chavez, who served as the Fort Worth District Engineer for the Texas Department of Transportation (TxDOT) and retired last month. Chavez was an outstanding advocate for transportation projects in our region - including the I-35W reconstruction - and has dramatically impacted regional mobility in North Texas through her leadership.

The Coalition will also discuss 2014 priorities and provide updates on I-35W construction activities and the progress of construction along I-820 and SH 121/183. The meeting is free and open to the public.
Please RSVP to kelly@cookseypr.com or call (972) 580-0662 x24.

COMMISSIONER BILL MEADOWS HONORED FOR DECADES OF SERVICE

Former Texas Transportation Commissioner, Bill Meadows, was honored with the Transportation Advocate Award at the last 35W Coalition meeting for his more than two decades of public service.

While Mr. Meadow's interests range from water, education and social services to the arts, healthcare and economic development, his biggest impact and successes have come in the area of transportation.

He has been an advocate for every major project in the North Texas region and was able to gather funding for projects like the North Tarrant Express, the LBJ Express, the DFW Connector and, of course, 35W.

In a typical humble manner, Mr. Meadows accepted the award on behalf of the many people who fight for transportation funding and mobility improvements throughout the North Texas region.
"It's an honor to receive this award," Bill said. "Transportation advocacy is a marathon and requires a collaborative effort. We all worked together to formulate an action plan and use effective advocacy measures to advance 35W north. The real congratulations go to the people in this room."