DALLAS — With its debt already at a record level, the North Texas Tollway Authority waived a $3.2 billion project offered by the Texas Department of Transportation.

The NTTA, which is building an unprecedented network of tollways in the Dallas-Fort Worth area, decided it could not borrow enough money to build the 29-mile Interstate 35E redevelopment between Dallas and Denton to the north. Revenues would not be forthcoming for years, but the project would require major up-front costs.

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