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Residential land at Chisholm Trail Ranch purchased

Stratford Land, Legacy Capital Co. and the Walton Group of Cos. have snapped up 268 acres of residential land at Chisholm Trail Ranch in Fort Worth.

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Fort Worth to consider adopting 15-year Cavile Place redevelopment plan

The 300-unit Cavile Place housing project in Southeast Fort Worth would be razed and replaced in phases, with a significant number of the units redistributed into the neighborhood.

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Fort Worth payment processor acquired by pension plan group

Fort Worth-based First American Payment Systems has been acquired by an investor group led by the Ontario Teachers’ Pension Plan (Teachers’), with participation of members of the First American management team.

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Texas adds 19,100 nonfarm jobs in June; Fort Worth-Arlington jobless rate 5.3 percent

Seven of Texas' 11 major industry segments added jobs in June, the Texas Workforce Commission reported.

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Fort Worth council members approve Cavile Place redevelopment plan

The vote kicks off what officials say will be a 10-15-year implementation.

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85-mph Texas toll road still struggling financially

SAN ANTONIO (AP) — A Central Texas toll road world famous for its 85-mph speed limit continues to struggle financially, with revenue of only 30 percent of original projections.

Moody's Investor Service reported Thursday that the company that built the privately managed leg of Texas 130 southeast of Austin lacks the money to meet a payment due June 30 on the $1.18 billion loan that financed the construction.

Moody's says, however, that SH 130 Concession Co. is negotiating refinancing with 10 banks that financed the original loan, so default is unlikely.

In May 2013, Moody's downgraded SH 130's credit rating by four grades to junk status because the road was carrying only half the traffic projected when it opened October 2012.

A toll road spokeswoman says the company remains confident that prosperity is just around the corner.

"We remain confident that this first-class roadway will play an increasingly important role in relieving congestion along the gridlocked I-35 corridor as Central Texas continues to grow," SH 130 spokeswoman Megan Compton said in a statement.

However, Moody's said reserves in two funds set up by SH 130 have dwindled from $65 million to $3.3 million as of December after the company made the last of its twice-annually debt payment for 2013. It also signaled little confidence in its future finances by giving a "negative" outlook. Future performance "will likely heavily rely on toll rate increases, coupled with economic expansion and increased congestion on (Interstate 35) to drive revenue growth," the Moody's report said.

The company is a partnership of the Spanish toll road company Cintra and San Antonio-based Zachry Construction Co. It built and managed a southern extension of Texas 130 from near Austin to Interstate 10 near Seguin.

 

 

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