NTTA' board takes next step towards final agreement

July 26, 2007

INSIDE COLLIN COUNTY BUSINESS

The North Texas Tollway Authority (NTTA) board of directors approved a term sheet for the project agreement on the S.H. 121 project during its monthly meeting. By a unanimous vote of 6 to 0, the board took the next major step towards a final agreement with the Texas Department of Transportation (TxDOT) that will result in the NTTA financing, designing, constructing, operating and maintaining the S.H. 121 toll project.

TxDOT district officials will now review the document for final approval. Once approval is given, the NTTA will have 45 days to close its financial arrangements.

On June 28, the Texas Transportation Commission, the board that oversees TxDOT, instructed the NTTA and TxDOT staff, in cooperation with the Regional Transportation Council (RTC), to prepare a project agreement within sixty days.

“I want to commend all of the parties that were a part of this collaborative effort,” said Paul N. Wageman, chairman of the NTTA board of directors. “Working together, we have created an agreement for S.H. 121 well ahead of the deadline set by the commission. This teamwork demonstrates how committed all three organizations are to expediting the delivery of this project for the citizens of north Texas.”

The S.H. 121 toll project is a 25.9 mile toll road that will run through Collin, Dallas and Denton counties from McKinney where S.H. 121 intersects with U.S. 75 west to Lewisville near the Tarrant County line.

In addition to developing and operating S.H. 121, the NTTA will provide a payment of $3.3 billion at financial close to TxDOT; the RTC will decide how those funds should be used for additional road projects throughout north Texas.

NTTA board of directors announces new management

The North Texas Tollway Authority (NTTA) appointed Jorge Figueredo as its new executive director and Rick Herrington as deputy executive director.

“Following a comprehensive national search, Figueredo emerged as the candidate uniquely qualified to lead the NTTA into its second decade as an organization and as we begin to implement the historic S.H. 121 project,” said Paul N. Wageman, chairman of the board of directors. “His background and experience will greatly enhance the NTTA’s ability to address the mobility needs of north Texas as we develop regional projects in the coming years such as the Five in Five.”

Figueredo spent the last 16 years in the toll business. He was the senior division manager for Post, Buckley, Shuh, and Jernigan (PBS&J) overseeing the company’s toll operations practice in the central U.S. During his tenure with PBS&J Fiqueredo worked extensively with the Northeast Texas Regional Mobility Authority and the Texas Turnpike Authority Central Texas Turnpike project. His previous position was director of operations, communications, and marketing for the Orlando-Orange County Expressway Authority from 1992-2004 where he was responsible for building and implementing its electronic toll collection program. Prior to working there, Figueredo served as the director of public information and legislative affairs for Florida’s Turnpike from 1991-1992. He received his Bachelor of Arts, Masters and Ph.D. from the University of Central Florida.

Jerry Hiebert has been serving as the NTTA’s acting executive director since February 2007 while Rick Herrington has served as the acting deputy executive director during the same time period. Figueredo will be the third executive director since the NTTA’s inception 10 years ago.

“On behalf of the board and staff, I am extremely pleased that Rick has accepted the position of deputy executive director,” Wageman said. “As lead negotiator on the S.H. 121 project, Rick has played a key role overseeing our ongoing mission of providing mobility solutions to the north Texas region. We are fortunate that Rick will continue to offer his invaluable insight and leadership to the board and staff of the NTTA.”