The Texas Department of Transportation (TxDOT) is planning to buy back State Highway 288 to provide drivers will toll relief and more free lanes.
“Building roads, reducing tolls, and saving taxpayer money are top priorities,” said Governor Greg Abbott. “All three are achieved with the Texas Department of Transportation terminating the SH 288 Comprehensive Development Agreement. It will allow the State of Texas to receive over $2 billion in added valuation. TxDOT will use the added value to slash future toll charges and to build free lanes on that segment of State Highway 288. I thank TxDOT for making it easier and cheaper for Texans to travel that route.”
Drivers can expect a 50% reduction of tolls in the next few years. TxDOT also plans to begin construction of additional free lanes along portions of SH 288 by no later than 2030.
The cost of the buyout is substantially below the value of future toll revenues on the corridor, according to TxDOT. The buyout payment of $1.7 billion would be paid off with future toll revenue bonds.
Texas will resume operations in October. Drivers should not expect to see any notable changes regarding maintenance, operations, or billing.
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Source: TxDOT, The Corner
