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El Paso Spur 601 Project Accelerated with Private Funding
09/11/2007
El Paso is the location of the state’s first ever private-sector pass-through financing agreement to accelerate transportation improvements.
Texas transportation officials recently signed an agreement with J.D. Abrams to finance, design and build the El Paso Spur 601 (Inner Loop project), which will connect US 54 to the Purple Heart Memorial Highway (Loop 375). The cost of the project is $367 million.
The project is considered crucial to a Pentagon plan to bring more than 50,000 soldiers and family members to Fort Bliss and El Paso.
“This innovative funding agreement brings private investment to El Paso to build a needed transportation project faster than the state ever could by itself,” said Ted Houghton, member of the Texas Transportation Commission. “These improvements will reduce congestion, enhance safety, expand economic opportunity right here in El Paso; and will support national security with the increased military at Fort Bliss.”
The new highway is expected to handle traffic from military and residential construction at Biggs Army Airfield, as well as the increasing Northeast El Paso traffic.
Construction would begin this fall on the seven-mile project and be completed in about three years.
Drivers will not pay any tolls since the pass-through financing will repay the bond debt. The department will put up $45 million in traditional highway construction funds, to combine with $10 million from the International Airport. J.D. Abrams will finance the remainder of the project and will eventually be reimbursed based on the volume of public usage of the highway.
