The $90 million Camino Colombia Toll Road, the only private toll road in Texas, was sold auction-style for $12.1 million to one of its bondholders.
The 21-mile road has struggled for business since almost as soon as it opened. The President of Camino Colombia provided... "a brief history of the toll road and argued that five years of political battles at the local and state level led to crucial delays that sealed the fate of the road. This became especially apparent when the World Trade Bridge, the city's newest and much closer fourth international bridge, came online. Camino Colombia could not compete with the more than $80 million in public monies Laredo subsequently received for improvements to land surrounding the World Trade Bridge, Benavides said."
Thanks to Governing News
FULL STORY: Camino Colombia auctioned
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