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Old 07-17-2011, 12:21 PM
 
Location: Round Rock, Texas
5,087 posts, read 3,434,728 times
Reputation: 3307

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This could have big repercussions on Austin's tollways:

Builder of Texas roads may default on Indiana project | Your Commute | News from Fort Wo... (http://www.star-telegram.com/2011/07/16/3226000/builder-of-texas-roads-may-default.html - broken link)

Quote:
By Gordon Dickson
gdickson@star-telegram.com
Texas officials are watching with concern as reports surface about a possible default on a $3.8 billion Indiana toll road project being built by the developer that is financing major highway and toll projects in Dallas-Fort Worth, Austin and San Antonio.
Cintra, the Spain-based company that leads a team operating the Indiana Toll Road, has used up most of its rainy-day fun and is running out of money to pay debt. The shortfall is the result of lower traffic -- and lower toll revenue -- than originally forecast, according to financial news reports.
Cintra and its partners are also building the $2.1 billion North Tarrant Express, which involves the reconstruction of Loop 820 and Texas 121/183 in Northeast Tarrant County. Cintra is also the lead partner in the LBJ Express, which includes the expansion of Interstate 635 in Dallas.
The projects include both toll and free lanes.
The company is also lead partner in two segments of the Texas 130 toll road project between Austin and San Antonio.
Collectively, that's about $5 billion worth of road work in Texas, much of it financially structured similarly to the Indiana project -- using tolls to pay off debt over many years.

Read more: Builder of Texas roads may default on Indiana project | Your Commute | News from Fort Wo... (http://www.star-telegram.com/2011/07/16/3226000/builder-of-texas-roads-may-default.html#ixzz1SNsDrFBh - broken link)
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Old 07-17-2011, 10:33 PM
 
583 posts, read 664,793 times
Reputation: 305
This state has the most overpriced tollways. It's no surprise nobody uses them. Business Week had a great story about how all these companies invested in toll roads that nobody is using and most are loosing money or about to default.
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Old 07-18-2011, 12:14 AM
 
Location: Austin TX
1,565 posts, read 3,002,496 times
Reputation: 395
Yes there is something wrong when you have miles and miles of concrete roads being used by just a few cars! It is a sign of a failed road plan when a good portion of the new roads are being under utilized while the old roads are getting ever more traffic congestion!
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Old 07-18-2011, 10:19 AM
 
Location: Broomfield, CO
1,448 posts, read 1,788,162 times
Reputation: 857
No, I would say that C-470 in Denver has some of the highest tolls in the country. Most of the tollroads in Texas are about average (CPM) as compared to the rest of the country.

Yes, SH 130 was a complete waste of resources. With a cost of close to 30 dollars for fully loaded 18 wheelers to traverse the entire stretch (Georgetown to south of Onion Creek), it's not a surprise that few people are using it. Rather than build a bypass around Austin, the money could have been used to rebuild I-35 and include toll lanes there. This is something that would certainly have brought revenue several times the amount that 130 is producing.

With the exception of 130, all other tollroads in the Austin area have met or exceeded their revenue projections.


Quote:
Originally Posted by tfresca View Post
This state has the most overpriced tollways. It's no surprise nobody uses them. Business Week had a great story about how all these companies invested in toll roads that nobody is using and most are loosing money or about to default.
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Old 07-18-2011, 10:22 AM
 
Location: Round Rock, Texas
5,087 posts, read 3,434,728 times
Reputation: 3307
Quote:
Originally Posted by eepstein View Post
No, I would say that C-470 in Denver has some of the highest tolls in the country. Most of the tollroads in Texas are about average (CPM) as compared to the rest of the country.

Yes, SH 130 was a complete waste of resources. With a cost of close to 30 dollars for fully loaded 18 wheelers to traverse the entire stretch (Georgetown to south of Onion Creek), it's not a surprise that few people are using it. Rather than build a bypass around Austin, the money could have been used to rebuild I-35 and include toll lanes there. This is something that would certainly have brought revenue several times the amount that 130 is producing.

With the exception of 130, all other tollroads in the Austin area have met or exceeded their revenue projections.
Actually, the AAS reported the tollway revenues are declining...perhaps due to the recession.

http://www.statesman.com/news/local/...s-1618544.html

Greed doesn't always benefit the greedy. They need to cut their rates in half.

Same type of dumb beancounting is killing las Vegas - in the few years before the bust, the megacasino operators tightened up on their comp system which messed with the low-mid roller attitude. It really angered a majority of them, so they changed locations & habits...which resulted in plunging gambling revenues. And then the bust hit - the big casino corporations were hit bad.

Now they're reducing room rates & changing the comps, but too little, too late.

Too bad.

Last edited by ScoPro; 07-18-2011 at 10:33 AM..
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Old 07-18-2011, 10:45 AM
 
Location: Great State of Texas
75,276 posts, read 36,424,032 times
Reputation: 18309
Nevermind the tollroad..the Mopac flyover project just hit a brick wall.
The construction company (based in Nevada) just declared bankruptcy and walked off the job.

Austin news, sports, weather, Longhorns, business | Statesman.com
"Construction of two flyover bridges at the MoPac Boulevard/U.S. 290 interchange shutdown last week after the contractor declared bankruptcy and walked off the job, a TxDOT spokesman says."
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Old 07-18-2011, 12:57 PM
 
Location: Austin TX
1,565 posts, read 3,002,496 times
Reputation: 395
Quote:
Originally Posted by HappyTexan View Post
Nevermind the tollroad..the Mopac flyover project just hit a brick wall.
The construction company (based in Nevada) just declared bankruptcy and walked off the job.

Austin news, sports, weather, Longhorns, business | Statesman.com
"Construction of two flyover bridges at the MoPac Boulevard/U.S. 290 interchange shutdown last week after the contractor declared bankruptcy and walked off the job, a TxDOT spokesman says."

OMG that is crazy!

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Old 07-18-2011, 01:00 PM
 
Location: Round Rock, Texas
5,087 posts, read 3,434,728 times
Reputation: 3307
Quote:
Originally Posted by HappyTexan View Post
Nevermind the tollroad..the Mopac flyover project just hit a brick wall.
The construction company (based in Nevada) just declared bankruptcy and walked off the job.

Austin news, sports, weather, Longhorns, business | Statesman.com
"Construction of two flyover bridges at the MoPac Boulevard/U.S. 290 interchange shutdown last week after the contractor declared bankruptcy and walked off the job, a TxDOT spokesman says."
They will hand the project completion off to another contractor - probably the next bidder. It'll delay it for a while of course.
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Old 07-18-2011, 01:32 PM
 
Location: Holly Neighborhood, AUSTINtx
2,665 posts, read 2,990,010 times
Reputation: 1284
I fear the powers that be might be tempted to dip into the general revenue fund to shore up the Cintra roads. Gas taxes and tolls are the best way to pay for roads b/c they are directly tied to the amount of driving one does while property and sales taxes have no such correlation.

And yes it does cost ~$30 for a big rig to use the toll road but there is good reason for this. A 60,000 to 80,000 lb vehicle does substantially more damage to roadways and bridges than most people's 2,500 to 6,000 lb. car or truck.
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Old 07-18-2011, 03:41 PM
 
Location: Broomfield, CO
1,448 posts, read 1,788,162 times
Reputation: 857
Keep Austin Wierd


Quote:
Originally Posted by HappyTexan View Post
Nevermind the tollroad..the Mopac flyover project just hit a brick wall.
The construction company (based in Nevada) just declared bankruptcy and walked off the job.

Austin news, sports, weather, Longhorns, business | Statesman.com
"Construction of two flyover bridges at the MoPac Boulevard/U.S. 290 interchange shutdown last week after the contractor declared bankruptcy and walked off the job, a TxDOT spokesman says."
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