MDC approves agreement to fund Loop 250 overpass
30 Apr 2017
Author: Midland Reporter - Telegram
A major step toward completion of Loop 250 was taken Monday at the Midland Development Corp. monthly board meeting.
The board voted 4-0 to execute an advanced funding agreement with the Texas Department of Transportation. Board member Gary Douglas was absent.
The MDC will contribute $2 million toward the construction of a curvilinear overpass at county roads 1150 and 60. The local participation in the project is expected to accelerate the project significantly.
The construction phase has a total cost of $21.5 million, and the total project cost is $29.459 million according to a copy of the agreement received by the Reporter-Telegram.
The MDC’s contribution is part of the Type A sales tax organization’s effort to leverage funds to get transportation projects completed faster. While a timeline hasn’t been offered yet, the development corporation’s contribution effectively will speed up completion of the project, according to previous Reporter-Telegram reports.