HOUSTON (Covering Katy News) - Voters who live in areas served by the Metropolitan Transit Authority approved a multi-billion-dollar bond referendum Tuesday that will fund 500 miles of travel improvements for the greater Houston area. The bond is called METRONext.
Approval of the referendum gives METRO the right to borrow up to $3.5 billion over the next 20 years.
The funds will pay for a 16 mile rail extension to Hobby Airport, 75 miles of rapid bus transit and 110 miles of two-way HOV lanes along Houston area freeways. The referendum's approval will also fund 21 new or improved Park & Ride transit centers.
"During the course of the implementation of METRONext, exact routes of the METRORapid and METRORail connections shown on the plan will only be decided and finalized after an extensive community involvement process," said a press release issued by METRO.
METRO will borrow up to the approved $3.5 billion in bonds as needed, not all at once. Funding for the rest of the $7.5 billion plan is expected to come from matching federal grants and future revenue.