Jimbo, you have it pinned down! That section of the Salado Creek greenway is exactly where I'm talking about. The road gets it a little bit where the greenway goes under I-35. So far I've just been planning my route around it, but I've come to it since that first time and felt my tires slide.
The problem is that it can be a few days after the rain and the mud will still be wet, when the rest of the roads are completely dry. That was when it bit me in the butt (almost literally) the first time.
I think that a couple heavy rains that *don't* flood the greenway would wash some of it away; the problem is that the creek floods pretty regularly.