A toll road is no longer an option for the Marsha Sharp Freeway. The Metropolitan Planning Organization (MPO) made this decision following three months of gauging public opinion on the matter. However, the MPO has come up with another way to speed up the completion of the project.
On Tuesday the organization decided to turn toward a local financing option where the City of Wolfforth, City of Lubbock and Lubbock County will issue up to $60 million in bonds that will be reimbursed by the state.
Virtual Tour of the Completed Marsha Sharp Freeway
Lubbock City Councilman Tom Martin will organize a committee from the three governments that will negotiate with TX Dot in the near future. "In affect the city, the county, the city of Wolfforth can issue bonds and then be paid back by TX Dot over a period of years, it's a net no cost to the local governments," explains Lubbock City Councilman Tom Martin.
Right now, we have about 20 years of construction but we're told this plan would cut that time in half. The financing plan is expected to be ready by this Fall. The current completion date for the Marsha Sharp Freeway is set for 2026.
Other places have entered in similar agreements with the state. Montgomery County and the city of Weatherford have both made agreements with the TX Dot where they are issuing bonds to build construction projects. For instance, TX Dot pays Montgomery County seven-and a half cents for every mile traveled on their roadway.
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