North Tarrant Express developer slow to use public money

More Cintra Spain projects for our GK to pay for.:evilfrown:


The project is being built with a comprehensive development agreement, in which an outside developer builds and manages a project and brings its own financing.

In this case, the total construction cost is expected to be $2.1 billion. Of that, the Texas Transportation Department has committed $573 million from the state highway fund. The contract makes the money available to the developer in three-month increments. As of July -- 18 months into the 66-month job -- a maximum of $144.5 million was available.

But the developer, which includes Spain-based Cintra and its partners, has access to other sources of money -- including its own cash and bank loans, as well as $400 million from the issuance of private-activity bonds and $600 million from a federal transportation infrastructure loan.



Read more: http://www.star-telegram.com/2011/08/20/3302991/north-tarrant-express-developer.html#ixzz1VgWvKwYy