by Nicole Bradford
A plan to terminate a 50-year agreement regarding Highway 288 toll lanes means the state will resume operations of the tollway in October, lowering tolls by as much as half, the Texas Department of Transportation announced in an Aug. 23 release.
The termination of the 288 Comprehensive Development Agreement with an outside company will put the 288 managed lanes in Harris County under full state control, TxDOT states, allowing future toll rates to be “significantly less than what is allowed under the current agreement and enabling TxDOT to move ahead with adding more free lanes along SH 288.”
The announcement says the public can expect a reduction of average daily toll rates by 50 percent in the next few years. TxDOT also announced plans to construct additional free lanes along portions of SH 288 by 2030, “eliminating the contractual restrictions and repayment requirements specified in the current concession agreement.”
A buyout payment of $1.7 billion is expected to be paid with future toll revenue bonds.
Calling the move a team effort, Lt. Gov. Dan Patrick described it as a “historic action to terminate the SH 288 Comprehensive Development Agreement with a foreign company.”
Texas Transportation Commission Chairman Bruce Bugg, Jr. said the state will also be able to accelerate the construction of general-purpose lanes much faster than what the current agreement allows.
“This is a big win for our taxpayers,” he said.
The buyout provision in the contract is substantially below the value of future toll revenues on the corridor, TxDOT officials said, even with the anticipated reduction in toll rates.
Aside from lower toll rates and additional free lanes in the future, TxDOT said drivers should not expect to see any notable changes regarding maintenance, operations, or billing.
