AUSTIN (KXAN) - The Central Texas Regional Mobility Authority Board of Directors has approved the sale of $306 million in senior lien revenue bonds and $70 million in subordinate lien revenue bonds to fund the 6.2-mile Manor Expressway from U.S. Highway 183 to just east of Parmer Lane.
When combined with a flyover interchange currently under construction at Hwy.183, the Manor Expressway will reduce congestion, increase safety and speed up travel along U.S. Highway 290 between Austin and Manor.
The bond deal is expected to close on June 29, with construction expected to begin almost immediately thereafter.
"Our bond sale has been extremely well received," said Mobility Authority executive director Mike Heiligenstein. "The incredible response from investors is indicative of the strength of our local economy, the tremendous potential for future growth in our region as well as investor confidence in the Mobility Authority itself."
The Manor Expressway project will include construction of three tolled express lanes in each direction. In addition, Hwy. 290 will be reconstructed and widened to three lanes in each direction in the form of frontage roads, which will triple vehicle capicity in the corridor.
Central Texas Mobility Constructors LLC, led by Webber LLC and Texas Sterling Construction Company, is developing the project using a design-build approach that will allow the Mobility Authority to expedite completion of the project. Construction on Phase One from Hwy. 183 to Springdale Road began in early 2010, and portions of the road are expected to open by late 2012.
The full project could be open to traffic by 2014.
"We're putting hundreds of people to work in a challenging economy while expediting improvements to one our region's most critical transportation corridors. It's exciting to finally be constructing a road that has been in the planning stages for more than two decades," said Heiligenstein.
The Manor Expressway will give drivers a direct link between SH 130 and IH 35 near downtown Austin, and it will serve as a critical evacuation route from the gulf coast. The corridor is a burgeoning high-tech center with major employers like Samsung and Applied Materials. It is also home to many large shipping companies that depend on reliable travel times. Drivers from Georgetown or eastern Travis County will be able to drive to downtown Austin without stopping using Hwy. 130 and the Manor Expressway.
Late Saturday night into early Sunday morning, a light band of freezing drizzle traversed the I-35 corridor eastward. With sub-freezing temperatures, even the light precipitation created major problems.
A 10-year-old was killed while standing outside a vehicle after the child's family was involved in a fender bender, DPS said.
Austin Police are looking for a missing woman.
APD is responding to a 25 vehicle accident near the 5400 block of Ed Bluestein near Thurgood Ave.
A man is dead after being hit by several vehicles in the eastbound lane of Highway 71 Saturday night.
A representative at the Fayette County Sheriff's office said that Fayette County is effectively shut down due to icy conditions.