State Approves Financing For Round Rock I-35 Improvements
July 29, 2005
Improvements to the Interstate 35 frontage roads in Round Rock could begin
this fall thanks to financing approved today by the Texas Transportation
Commission.
Commissioners approved a $7 million loan to the City of Round Rock to help
pay for improvements between Chandler Road and Westinghouse Road. The
loan, which will be paid back to the state over 15 years at 4 percent annual
interest, will help pay for new turn lanes, auxiliary lanes, and a turnaround at
Chandler Road.
"These improvements will help reduce congestion and improve safety," said
State Representative Mike Krusee (R-Round Rock). "Without the state loan,
financing of the project would be difficult and motorists would have to wait
much longer before improvements could be made."
The total cost for the project is estimated at $10.5 million with the Texas
Department of Transportation (TxDOT) financing the costs above the $7 million
loan.
The loan is from the State Infrastructure Bank (SIB), created in 1997 to
provide financial assistance to public and private entities making
transportation improvements that benefit the state highway system.
"The SIB is a way to encourage public and private investment in
transportation facilities and expands the availability of funding for
transportation projects," said Krusee.
The SIB is operated by TxDOT.
Since its first loan in 1998, TxDOT has issued 54 loans statewide totaling
$277 million. The loans have helped make possible nearly $2 billion in
transportation improvements statewide.
"The SIB is one of many innovative financing options now available to help
reduce congestion and improve safety in Texas by accelerating needed
transportation improvements," said Krusee.
This is the third SIB loan for the City of Round Rock. Two previous
loans total $31 million and are being used to help fund right-of-way acquisition
and utility adjustments to make room for State Highway 45.
