Grayson County issuing $10 million bond to pay for major road changes
Grayson County commissioners are set to borrow about $10 million and then spend another $167 million from state and federal funds to make some changes to area roads.
Several changes are coming to US 75 and 82 in the next two years--it's one of two major road projects commissioners are issuing the bond to help pay for.
The other project will target Spur 503 in Denison.
"We voted to begin issuing bonds for $10 million to leverage $167 million TxDOT money to rebuild 75, fix the 75/82 interchange and improve the FM 691 and Spur 503 interchange," said County Judge Bill Magers.
The proposed Spur 503 plan will get rid of the direct connection to 75 and move it farther south closer to the Gateway Village development, being built now.
Denison officials say it's to keep up with the growth on 691 and 75 they're seeing on all four corners.
The other half of the $10 million dollar bond will fix the intersection of 75/82, and a 4.5 mile stretch of roadway between 1417 and 75 called "The gap": the only section of 75 that doesn't meet interstate standards.
Bringing it up to standards could mean more development in the county.
"We expect interest rate between 2.6 and 2.8 percent interest a year," Magers said.
Magers says changes to "the gap" will reverse the ramps at 1417 and elevate the road which hasn't been touched since the 1950s.
TxDOT says they're adding frontage road and U-turns along with extra turn lanes to the 75 and 82 intersection.
"I know the exit off there sometimes is terribly crowded. You've got cars pushed back on to 82," said driver Larry Jones.
It'll take the county ten years to pay off the bond.
Magers says the county will have extra money to pay off the loan while actually lowering your tax rate, even though most homeowners will pay more in taxes because their property values are increasing.
In fact, the current tax rate is 10 percent less than three years ago, sitting at 44.18 cents per one hundred dollars.
"You're growing-- you try to anticipate that growth," Jones said.
The Spur 503 project should start in 2019 and the 75 changes should start the year after.