Financially ailing from the start, the Northwest Parkway toll road is being turned over to a Portuguese company for 99 years.

The board of directors of the parkway, opened 3 1/2 years ago, approved the agreement this morning with Brisa Auto-Estradas de Portugal and a Brazilian partner. In return for control of the road, they agreed to pay off $503 million in authority bonds and put another $100 million aside for other debt and possible expansion of the road.

Authority officials say the changeover should be invisible to drivers.

"We anticipate they will operate and manage the Northwest Parkway with the highest professionalism," said Broomfield Mayor Karen Stuart, authority chairwoman.

The authority, formed by Broomfield, Lafayette and Weld County, would get the road back in the next century. It also will have an engineering firm review Brisa's performance.

"Clearly this is not a situation where we sign the contract, turn it over to Brisa and then come back in 99 years," said Steve Hogan, authority executive director and the only employee immediately out of work because of the agreement. "The board will meet quarterly and more if needed."

The deal is expected to close by Nov. 1. At that time, Brisa will take over, using the same private contractors for operations and maintenance that are currently in place.

Besides paying off the debt, the deal includes another $40 million to help pay back local governments and the Interlocken metro district for loans they made to the parkway. Also included is a $60 million Brisa contribution to a future extension of the toll road south to Colorado 128, near the Boulder Turnpike, and on to Colorado 93 near West 64th Avenue north of Golden.

That $100 million won't be distributed unless the extension to Colorado 93 is built, officials said. That's a tall order. The Colorado Department of Transportation is engaged in a lengthy environmental study of the missing segment of the beltway.

"This agreement is a big first step," said Joao Azevedo Coutinho, CFO and director of Brisa's International Division. "We now look ahead to forging local partnerships with commuters and the surrounding communities along the parkway."

Brisa can raise tolls by another dollar over the next two years, increases that already were in Northwest Parkway's financial plan. Afterward, the agreement allows annual toll increases of a minimum 2 percent.

flynnk@RockyMountainNews.com or 303-892-5247