Tolling and Pricing
35Express - Dallas, Texas
The 35Express project includes nearly 30 miles of improvements to heavily congested I-35E between US 380 in Denton and I-635 in the northwest corner of Dallas. The $1.4 billion Phase 1 of $4.8 billion in planned improvements will add new general purpose lane capacity, two reversible tolled managed lanes (express lanes), continuous frontage roads, and various interchange and bridge improvements along much of the corridor. Financing includes a mix of federal funds, regional toll revenues, and a $285 million TIFIA loan.
91 Express Lanes - Orange County, California
The 91 Express Lanes is a 10-mile, barrier-separated, variable priced express lane facility - the first priced managed lane facility in the U.S. The lanes, two in each direction, extend from the Costa Mesa Freeway near Anaheim to the Orange/Riverside County Line in Orange County, California. They were constructed as a private, for-profit project in 1995 and purchased by Orange County Transportation Authority in 2003.
95 Express - Miami, Florida
The 95 Express provides two express lanes in each direction and additional general purpose lane capacity along 21 miles of I-95 from I-395 in Miami to Broward Boulevard near I-595 in Fort Lauderdale, Florida. Phase 1 opened in 2008 and 2010 and was delivered as a design-build-finance project under a federal Urban Partnership Agreement. Opened in October 2016, Phase 2 was delivered as a design-build project. A 29-mile Phase 3 extension north to Palm Beach County is under construction in segments through 2023.
183A Toll - Northwest Austin, Texas
183A Toll is an 11.6-mile controlled access north-south tolled highway east of the existing U.S. 183 in metropolitan Austin. The toll road was developed by the state's first Regional Mobility Authority - Central Texas Regional Mobility Authority - which was legislatively authorized in 2001 to form at the county level if a regional toll authority did not already exist to construct, operate, and maintain toll roads. CTRMA opened a northern 5-mile extension of 183A Toll in April 2012, fully funded from the sale of toll revenue bonds.
395 Express Lanes - Alexandria and Arlington, Virginia
The 395 Express Lanes project will expand the regional express lane network in northern Virginia by adding three reversible express lanes in the median of the eight-mile I-395 corridor between the current terminus of the 95 Express Lanes in Fairfax County and the border of the District of Columbia. The project will be delivered as a design-build-finance-operate-maintain concession developed as a modification of the existing agreement between the Virginia Department of Transportation and the private partner responsible for the 95 Express Lanes. Project financing includes toll revenue bonds, a loan from Virginia state infrastructure bank, and a private equity contribution.
Alaskan Way Viaduct - Seattle, Washington
The Alaskan Way Viaduct is an elevated section of State Highway SR 99, one of two major North-South corridors in the City of Seattle. Its reconstruction comprises two sections of replacement, one with a new viaduct section and another with a bored tunnel, as well as repairs and enhancements to a third viaduct section. This major project's financial plan includes Federal, state, and local funding, including revenue from increases in Washington State's motor fuel tax as well as toll proceeds.
Anton Anderson Memorial Tunnel - Porter-Whittier, Alaska
The privately operated, 2.6-mile, dual mode Anton Anderson Memorial Tunnel (aka Whittier Tunnel) connects the cities of Porter and Whittier on Prince William Sound, 65 miles southeast of Anchorage, Alaska. The project was Alaska's first design-build and was funded on a pay-as-you-go basis. Alaska's transportation agency has outsourced operation of the tunnel to a third-party operator.
Border West Expressway - El Paso, Texas
The Border West Expressway project, west of downtown El Paso and south of I-10, will close the Loop 375 gap that currently exists along the border with Mexico and create an alternate high-speed route to I-10. The four-lane, partially tolled highway is being fully financed with state funds and includes a 15-year maintenance contract with the project's design-build developer.
C-470 Express Lanes - Denver Metro Area, Colorado
The C-470 Express Lanes project in the Denver metro area provides 12.5 miles of new express toll lane capacity and other improvements along the southern portion of C-470 from its eastern end at I-25 to Wadsworth Boulevard. The project will improve mobility, safety, and infrastructure condition with single and dual Express Lanes, reconstruction of the general purpose lanes, bridge widening and replacement, and other geometric and operational enhancements. The design-build project is funded with toll-backed revenue bond proceeds, a TIFIA loan, and state funds.
Capital Beltway High Occupancy Toll (HOT) Lanes (I-495) - Fairfax County, Virginia
The I-495 Capital Beltway HOT Lanes project is a P3 between VDOT and Capital Beltway Express, LLC, a joint venture of Fluor and Transurban. Improvements include 14 miles of twin HOT lanes in each direction, the replacement of more than 50 bridges and overpasses, and interchange upgrades. Financing includes the first-ever combination of TIFIA credit assistance and private activity bonds (PABs).
Central 70 - Denver, Colorado
The Central 70 project will redesign 10 miles of I-70 in Denver, Colorado from I-25 on the west to Chambers Road on the east. The project will reconstruct and expand the corridor by providing one new express toll lane in each direction, removing a 50-plus-year-old, 2-mile-long viaduct while lowering this section below grade, and placing a 4-acre park over a 1,000-foot portion of the lowered section, uniting two separated neighborhoods. The project is being delivered under a 34-year design-build-finance-operate-maintain availability-payment concession. The concessionaire's financing includes a TIFIA loan and private activity bond proceeds.
Central Texas Turnpike System - Austin, Texas
The Central Texas Turnpike System, now simply referred to as Austin Area Toll Roads, consists of three contiguous toll highways serving the Austin metropolitan region and the Austin-San Antonio corridor: SH 45 North, Loop 1, and SH 130 (Segments 1-4). State and local funding sources were combined with a Federal TIFIA loan to finance the project. SH 130 (Segments 1-4) was delivered via a design-build contract procured through Texas' first application of legislation permitting expanded private sector involvement.
Chicago Skyway - Chicago, Illinois
The Chicago Skyway is a 7.8-mile elevated toll road connecting I-94 (Dan Ryan Expressway) in Chicago to I-90 (Indiana Toll Road) at the Indiana border. It was leased to a consortium of Cintra and Macquarie in 2005 for an upfront payment of $1.83 billion, which the City used to pay down Skyway and city debt and establish reserve funds. The Skyway was sold to a Canadian pension fund consortium in 2015 for $2.8 billion.
Delaware U.S. Route 301 - Northern Delaware
U.S. Route 301 in Northern Delaware is being upgraded to a four-lane, limited access toll road on new location, replacing the existing two-lane route. The 12.5-mile toll road will extend from the Maryland/Delaware state line to SR-1 and will eventually include a 4.5-mile Spur Road extending to SR-15/SR-896. The purpose of the project is to improve safety and relieve congestion problems in the corridor. Fatality rates on the existing roadway are significantly higher than statewide and national averages. Funding for the project will mostly come through the sale of bonds (GARVEEs and toll revenue bonds) and a TIFIA loan backed by toll revenues, achieving the state's goal of minimizing any use of funds from the State Transportation Trust Fund.
Dominion Boulevard Improvement Project - Chesapeake, Virginia
The Dominion Boulevard Improvement Project is a series of improvements to 3.8 miles of Dominion Boulevard, including the replacement of Steel Bridge. After construction, the facility will open as an all-electronic tolled highway as part of the newly designated Chesapeake Transportation System, which includes the Chesapeake Expressway. The project is financed in part through toll revenue backed bonds, and a loan from Virginia's state infrastructure bank.
Dulles Greenway - Loudoun County, Virginia
The Dulles Greenway is a 14-mile, limited-access, privately financed highway extending from the State-owned Dulles Toll Road (which carries traffic between Washington's Capital Beltway and Dulles Airport) to Leesburg. The two roads connect at a toll plaza. Drivers pay one toll, which the operators of the two facilities divide. The toll road opened in the mid-1990s and has undergone several changes in ownership.
E-470 Tollway - Denver, Colorado
The E-470 is a 47-mile orbital toll road running along the eastern perimeter of the Denver metropolitan region. The tollway was financed entirely by private enterprise and the E-470 Public Highway Authority using an innovative mix of revenue sources including: tolls, vehicle registration fees, a highway expansion impact fee, and private sector contributions ranging from office space, to right-of-way, property assessments, and monetary donations.
Elizabeth River Tunnels (Downtown / Midtown Tunnel) - Cities of Norfolk and Portsmouth, Virginia
The Elizabeth River Tunnels (Downtown / Midtown Tunnel) consists of five construction components involving three facilities in the Hampton Roads region of Virginia. The $2.1 billion project has been delivered on a design, build, finance, operate, and maintain (DBFOM) concession basis by Elizabeth River Crossings LLC (ERC) composed of Skanska Infrastructure Development and Macquarie Group. ERC is operating the concession for 58 years. Financing included a package of private activity bonds, TIFIA loan, private equity, toll revenues, and public funding.
Foley Beach Express - Baldwin County, Alabama
The Foley Beach Express (Beach Express) is a 13.5-mile limited access, privately-operated four-lane route from the City of Foley to Orange Beach, Gulf Shores, and Perdido Key in Alabama. It is in alternative to the heavily traveled Highway 59.
Gilcrease Expressway West - Tulsa, Oklahoma
The Gilcrease Expressway West is a future five-mile, four-lane toll highway extending north from the junction of I-44 and I-244 in West Tulsa to US 412 in Tulsa. The expressway will complete a western loop around the Tulsa metro area and will include two bridges over the Arkansas River. The estimated $340 million project is being procured under an innovative build-finance arrangement, where the private partner is expected to provide up to $100 million in short-term financing, potentially to be replaced by a TIFIA loan. GARVEE bonds and state and local resources will cover the balance of the cost.
Goethals Bridge Replacement -Staten Island, New York to Elizabeth New, Jersey
The Goethals Bridge project is the reconstruction of a new six-lane, cable-stayed bridge adjacent to the existing bridge and the demolition and removal of the existing bridge. The reconstructed bridge will include a bicycle/pedestrian lane along the northern edge of the New Jersey bound side, as well as a central area between eastbound and westbound lanes to accommodate future transit service. The project is being delivered as a 40-year, design-build-finance-maintain (DBFM) public-private partnership (P3) concession by the NYNJ Link Partnership. The project was financed with a TIFIA loan, private activity bonds, and equity from the private partner.
Gordie Howe International Bridge - Windsor, Ontario to Detroit, Michigan
The 1.5-mile, six-lane Gordie Howe International Bridge, crossing the Detroit River between the Cities of Windsor, Ontario and Detroit, Michigan, will be the longest cable-stayed bridge in North America when completed in 2024. The project will include new ports of entry at both ends, as well as connections to I-75 in southwest Detroit. The Windsor-Detroit Bridge Authority, a not-for-profit Canadian government Crown corporation is delivering the project through a 36-year design-build-finance-operate-maintain availability concession estimated to cost $4.4 billion over the life of the contract.
Governor Mario M. Cuomo Bridge (Tappan Zee Bridge Replacement) - Westchester to Rockland Counties, New York
The "Governor Mario M. Cuomo Bridge" will replace the Tappan Zee Bridge spanning the Hudson River between Westchester and Rockland Counties 20 miles north of New York City. The new bridge is a tolled, eight-lane, dual-span twin bridge, being constructed alongside the current bridge to provide the least traffic disruption to users. The project is being delivered under a design-build contract and is financed with a combination of bonds and a TIFIA loan. The project is expected to be completed in 2018.
Grand Parkway (SH 99) Segments D-G - Houston Metropolitan Area, Texas
Grand Parkway (SH 99) Segments D-G is a four lane, 53-mile segment of the planned 180-mile circumferential Grand Parkway toll highway around the Greater Houston Metropolitan Region. This portion includes five segments, situated along the northwest portion of the parkway alignment from just south of I-10 to I-69/US 59N (Eastex Freeway). Project financing includes a TIFIA loan and toll revenue bonds.
I-4 / Selmon Expressway Connector - Tampa, Florida
The I-4 Connector is an elevated north-south toll road that connects I-4 with the Selmon Expressway, two major east-west corridors in the Tampa region. The Connector has exclusive truck lanes to provide direct access to the Port of Tampa and remove commercial traffic from local roads in Ybor City. The $403 million project was delivered using a design-build-finance approach.
I-4 Ultimate - Orlando, Florida
The I-4 Ultimate project is the reconstruction and widening of 21 miles of I-4 from west of Kirkman Road in Orange County, Florida through downtown Orlando to east of State Road 434 in Seminole County. The project is adding four express toll lanes to median of the rebuilt stretch of interstate through a 40-year design-build-finance-operate-maintain availability payment concession, financed in part by a senior bank debt, a TIFIA loan, and private equity.
I-15 Express Lanes Project - Riverside County, California
The I-15 Express Lanes project will provide two new tolled express lanes and other improvements along 14.6 miles of I-15 in Riverside County, California. The project will address projected increases in congestion and improve travel time reliability. The design-build project is funded with a TIFIA loan, Measure A sales tax bond proceeds and revenue, CMAQ funds, and interest income.
I-77 Express Lanes - Charlotte, North Carolina
The I-77 Express Lanes project will add 26 miles of variably priced managed lanes along I-77 and I-277 in Charlotte, North Carolina north through Mecklenburg and Iredell Counties. The project is being delivered as a 50-year design, build, finance, operate and maintain concession between the North Carolina Department of Transportation and Cintra Infraestructuras, S.A. Financing includes a mix of Private Activity Bonds, a TIFIA loan, public funding, and an equity contribution.
I-93 Reconstruction: Salem to Manchester - Southern New Hampshire
The I-93 Improvements from Salem to Manchester project involves the reconstruction and widening of a 19.8-mile segment of I-93 in southern New Hampshire from the Massachusetts state line in Salem to the I-293 interchange in Manchester. It is being funded through proceeds from GARVEE bonds, federal and state highway funds, turnpike toll credits, and a TIFIA loan.
I-95 HOV/HOT Lanes - Fairfax, Prince William, and Stafford Counties, Virginia
The I-95 Express Lanes will be the second step in creating a regional network of tolled managed lanes in Northern Virginia. The project consists of the development, design, finance, construction, maintenance and operation of 29.4 miles of high occupancy toll lanes along I-95 and I-395 from Garrisonville Rd. in Stafford County to Edsall Rd. in Fairfax County over a 76-year concession period.
I-395/SR 83611/I-95 Interchange Project - Miami, Florida
The I-395/SR 83611/I-95 project consists of three reconstruction projects at the interchange of I-395, SR 836, and I-95 (Midtown Interchange) in downtown Miami. The project will reduce congestion by adding capacity, improves safety by alleviating existing operational and geometric deficiencies and eliminating left-hand entrance/exit ramps, improve local access to and from I-395, and reduce evacuation time from Miami Beach. The project is being delivered under an $802 million design-build-finance contract over five years.
I-405 Improvement Project - Orange County, California
The I-405 Improvement Project will add one new general purpose lane, one new express lane, and convert the existing HOV lane to express lane operation in each direction along 16 miles of I-405 in Orange County, CA between SR-73 and I-605. The design-build project is funded by a TIFIA Loan, Measure M2 sales tax bond proceeds and revenue, and state and federal grants.
I-595 Corridor Roadway Improvements - Broward County, Florida
The I-595 Corridor Roadway Improvements project consisted of the reconstruction and widening of 10.5 miles of the I-595 mainline from the I-75/Sawgrass Expressway to I-95. The project has been implemented as an availability-payment P3 between FDOT and a private concessionaire, I-595 Express, LLC, to design, build, finance, operate, and maintain the roadway for a 35-year term. The concessionaire's financing, backed by these availability payments, includes senior bank debt, a TIFIA loan, and private equity.
Indiana Toll Road - Indiana
In operation since 1956, the Indiana Toll Road stretches 157 miles across the northernmost part of Indiana from its border with Ohio to the Illinois state line, where it provides the primary connection to the Chicago Skyway and downtown Chicago. The Indiana Toll Road was leased to a consortium of Cintra and Macquarie in 2006 for an upfront payment of $3.8 billion, which was primarily being reinvested in statewide roadway and bridge improvement projects. The lease was rewarded to a consortium of Australian and American pension funds for $5.7 billion in 2015 following the original consortium's bankruptcy.
Intercounty Connector - Maryland
The 18-mile, 6-lane Intercounty Connector (ICC) is a toll highway in Maryland connecting I-270 in Gaithersburg and US 1 in Laurel. The road links existing and proposed development areas between the I-270/I-370 and I-95/US 1 corridors within central and eastern Montgomery County and northwestern Prince George's County, north of Washington, DC. The project is largely supported by GARVEE and toll revenue bonds, as well as a TIFIA loan and State Transportation Trust Fund and General Fund revenues.
Katy Freeway Reconstruction - Houston, Texas
TxDOT undertook a major five-year reconstruction of a 12-mile section of the east-west Katy Freeway from west of SH 6 to the I-10/610 interchange west of Houston. The reconstruction widened the Katy to provide six general purpose highway lanes in each direction and two variably priced high occupancy toll lanes in the median of the highway. The financing of the $2.8 billion project has involved an innovative collaboration between TxDOT and the Harris County Toll Road Authority, combining toll-backed debt with more traditional grant funding.
LA 1 Improvements - Leeville, Louisiana
Phase I of this project has replaced approximately nine miles of elevated highway and the Leeville Bridge in Southern Louisiana, which had suffered from subsidence, erosion, and frequent storm damage. The highway features open road tolling and was constructed within an area of sensitive wetlands.
LBJ Express/IH 635 Managed Lanes - Dallas County, Texas
The LBJ Express Managed Lanes Project relieves congestion north of Dallas on a 13-mile stretch of the LBJ Freeway through the reconstruction of its main lanes and frontage roads and addition of six managed lanes along I-635 (subsurface) and I-35E (elevated). The project has been delivered as a P3 between TxDOT and LBJ Infrastructure Group, which will operate and maintain the facility for 52 years.
Midtown Express (SH 183 Managed Lanes) - Dallas-Fort Worth Metroplex
The Midtown Express, formerly the SH 183 Managed Lanes Project, will add tolled express lanes and reconstruct portions of State Highway 183, SH 114 and Loop 12 northwest of Dallas, Texas. The project is being delivered using an innovative public-private partnership structure that combines design-build with a short-term receivables (gap) financing and long-term operations and maintenance.
Monroe Expressway - Mecklenburg and Union Counties, North Carolina
The Monroe Expressway will be a new, 20-mile all-electronic toll road in Mecklenburg and Union Counties, North Carolina. The facility will provide a high-speed alternative to US 74 in the region. The $800 million, design-build project is supported through a variety of bond proceeds, including GARVEEs.
North Tarrant Express I-820 and SH 121/183 (Segments 1 and 2A) - Dallas-Fort Worth Metroplex
TxDOT entered into a public-private partnership with NTE Mobility Partners for the design, construction, finance, maintenance, and operation of 13 miles of roadway improvements along I- 820 and SH 121/SH 183 north and east of Fort Worth. The duration of the concession for this first phase of the North Tarrant Express (NTE) is 52 years. The roadway is being reconstructed with the addition of two managed lanes and an additional general purpose lane in each direction. Under a separate agreement, the private partner examined other segments in the region for development as part of the NTE, leading to a third agreement to pursue the NTE 35W Project.
North Tarrant Express 35W (Segments 3A and 3B) - Dallas-Fort Worth Metroplex, Texas
The North Tarrant Express (NTE) 35W Project consists of the design, construction, operations, and maintenance of approximately 12 miles of managed lanes, associated improvements to adjacent cross-roads, frontage roads, and ramps, and the intelligent transportation systems (ITS) and tolling systems on two segments of I-35W in Fort Worth, Texas. Segment 3A is being designed and constructed via a public-private partnership between the Texas Department of Transportation (TxDOT) and the NTE Mobility Partners. TxDOT is responsible for the financing and construction of Segment 3B, excluding tolling and ITS. The concessionaire will perform operations and maintenance for the entire facility, including the 3B portion constructed by TxDOT.
Northwest Corridor - Atlanta, Georgia
The Northwest Corridor project will include extensions of existing HOV lanes and the addition of reversible tolled managed lanes along sections of nearly 30 miles of I-75 and I-575 northwest of Atlanta. The nearly $850 million project is being delivered using a design-build-finance approach.
Northwest Parkway - Denver Metro Region, Colorado
The Northwest Parkway is a 9-mile segment of the Denver Beltway System, connecting E-470 in northern Denver to US 36 in Broomfield. The project was developed by a three-municipality joint powers agency and opened in 2003. It was subsequently leased in 2007 to a private consortium for 99 years after four years of toll revenues that did not meet expectation.
Ohio River Bridges Downtown Crossing - Louisville, Kentucky/Southern Indiana
The Ohio River Bridges Downtown Crossing project is one half of the bi-state Ohio River Bridges project, which also includes the East End Crossing project, that together are addressing cross-river capacity and mobility needs in the greater Louisville-Southern Indiana region. The project consists of the new Abraham Lincoln Bridge carrying northbound I-65 across the Ohio River between Louisville and Southern Indiana. In the background is the existing Kennedy Bridge that carries the southbound lanes. The Downtown Crossing project also includes the reconstruction of the Kennedy Interchange in downtown Louisville to eliminate design deficiencies and safety hazards. The project has been delivered an availability-pay design-build-finance-operate-maintain concession.
Ohio River Bridges East End Crossing - Southern Indiana/Louisville, Kentucky
The Ohio River Bridges East End Crossing project is one half of the bi-state Ohio River Bridges project, which also includes the Downtown Crossing project, that together are addressing cross-river capacity and mobility needs in the greater Louisville-Southern Indiana region. The project consists of a new East End Bridge and approaches connecting I-265/KY 841 in Kentucky to I-265/SR 265 in Indiana. The project has been delivered an availability-pay design-build-finance-operate-maintain concession.
Orchard Pond Parkway - Tallahassee, Florida
The Orchard Pond Parkway is a 5.2-mile privately constructed toll road north of Tallahassee, Florida. The road was developed by a private landowner as a means to preserve the surrounding region from suburban development, and it incorporates a number of features to protect wildlife and the natural environment. The Florida Department of Transportation has supported the project financially with a State Infrastructure Bank loan that covers 80 percent of the $17 million project cost. Leon County owns the road and is leasing it back to the developer for 99 years.
Parallel Thimble Shoal Tunnel - Hampton Roads to Eastern Shore, Virginia
The Parallel Thimble Shoal Tunnel project entails the construction of a 5,700-foot bored tunnel, parallel to the existing tunnel and connecting two southbound trestles of the existing Chesapeake Bay Bridge and Tunnel, a 17.6 mile structure connecting the Norfolk/Virginia Beach areas to Virginia's eastern shore. The $1.1 billion, design-build project is financed with toll-backed revenue bonds, a TIFIA loan, a Virginia Transportation Infrastructure Bank loan, and monies from the facility operating agency's general fund.
Pocahontas Parkway / Richmond Airport Connector - Greater Richmond, Virginia
This $354 million project was financed by tax-exempt toll revenue bonds issues by a 63-20 corporation. It was the first transportation project implemented under Virginia's Public-Private Transportation Act of 1995. The Parkway was leased to a private toll road operator in 2007. The deal defeased its underlying debt and included the construction of the 1.6-mile Richmond Airport Connector, which opened in January 2011. The Parkway changed hands in 2015 and again in 2016 after the initial private operator first transferred ownership to its senior lenders in May 2014.
Poinciana Parkway - Osceola and Polk Counties, Florida
Originally planned for development by a private real estate firm in the 2000s, the Poinciana Parkway was ultimately developed under an agreement between Osceola and Polk Counties and the developer, who donated existing work on design, permitting, and right-of-way. The $141 million, 9.7-mile arterial and toll road improvement connects the Poinciana community 25 miles south of Orlando with a major state route and I-4 to provide better commuting access and congestion relief. In addition to the private developer contribution, the project is financed with toll revenue bonds, a State Infrastructure Bank loan, and county contributions.
President George Bush Turnpike - North Dallas, Texas
The President George Bush Turnpike (PGBT) is a six-lane 30.5-mile circumferential toll highway connecting various cities in the northern part of Dallas County and portions of neighboring Denton and Collin Counties. This original segment opened in phases between 1998 and 2006. It was the first project to benefit from USDOT's TE-045 innovative finance provisions including a Section 129 loan, partial conversion of advance construction, and the use of flexible match. Construction on a 9.9-mile Eastern Extension began in October 2008 and was opened in December 2011. Financing for the extension included toll-backed revenue bonds and other state and local resources.
President George Bush Turnpike Western Extension (SH 161) - Dallas, Texas
SH 161, the President George Bush Turnpike Western Extension (PGBT WE), provides a new, approximately 11.5-mile link between SH 183, I-30, and I-20 as part of a western loop around Dallas through the cities of Irving and Grand Prairie south of Dallas-Fort Worth International Airport. This toll road was completed in four phases. The first three were constructed by TxDOT and the remaining phase and overall ownership and operation became the responsibility of the North Texas Tollway Authority under a concession agreement signed in 2008.
Puerto Rico PR-22 and PR-5 Lease - Puerto Rico
PR-22 and PR-5, heavily traveled toll roads stretching about 55 miles along the northern coast of Puerto Rico from Bayamon westward through San Juan to Arecibo, was leased to consortium of Goldman Sachs and Abertis in 2011. The total $1.436 billion administrative concession will finance, rehabilitate, operate, and maintain the facilities over 40 years. Of that total, $1,080 million is an upfront payment of which about 90% was used to defease all outstanding tax-exempt toll-revenue debt ($902 million), and approximately $350 million will be expended on expected upgrades over the concession period, $56 million of which was spent in the first three years on "accelerated safety improvements."
SH 45SW - Austin, Texas
SH 45SW is a four-lane toll road under development by the Central Texas Regional Mobility Authority between the southern end of MoPac Expressway (Loop 1) and FM 1626 southwest of Austin, Texas. The $100 million project uses no federal funds, relying solely on state funds and debt along with contributions from Travis and Hays Counties, through which the road passes.
SH 130 (Segments 5-6) - Austin, Texas Metropolitan Area
SH 130 is a four-lane, 91-mile toll road east and south of Austin designed to relieve congestion on the heavily traveled I-35, the primary north-south route through Central Texas. Segments 5 and 6 have been developed through a 50-year concession (Comprehensive Development Agreement) with the SH 130 Concession Company (a joint venture of Cintra and Zachry American Infrastructure). They were financed with senior bank debt, a TIFIA loan, and private equity. Segments 1-4 were constructed under a design-build project as part of the Central Texas Turnpike System.
SH 288 Toll Lanes Project - Houston, Texas
The SH 288 Toll Lanes project is located in Harris County, Texas and involves the development, design, construction, financing, operation, and maintenance of four new toll lanes that stretch 10.3 miles along the median of SH 288, which extends from downtown Houston south toward the Gulf of Mexico. The P3 DBFOM concession also includes the maintenance of the existing general purpose lanes along the corridor. The concessionaire's financing includes a combination of private activity bonds, a TIFIA loan, private equity, and public funding for direct connector ramps to the Texas Medical Center.
South Bay Expressway (formerly SR 125 South Toll Road) - San Diego County, California
The South Bay Expressway toll road is a 9.2-mile privately-funded southern extension of SR 125, extending from SR 905 near the International Border to SR 54 near Sweetwater Reservoir in San Diego, California. The original operator, South Bay Expressway, L.P., held a 35-year franchise with the State of California under which it financed and built the highway, then transferred ownership to the State. The concessionaire emerged from bankruptcy in April 2011 as South Bay Expressway, LLC, and sold the toll road to the San Diego Association of Governments in December 2011.
Southern Connector - South Carolina
The Southern Connector is a 16-mile toll road connecting I-85 to I-395 in Greenville, South Carolina. The project is a DBFOM P3 developed by Connector 2000 Association Inc., a 63-20 non-profit corporation that holds a 50-year license with the state and issued tax-exempt toll revenue bonds to finance the project.
SR 91 Corridor Improvement Project - Riverside County, California
The SR 91 Corridor Improvement Project is an eight-mile extension of the Orange County SR 91 Express Lanes east into Riverside County through conversion of existing HOV lanes. Two general purpose lanes will also be added, along with improvements made to interchanges and bridges. The project is supported by a TIFIA loan and is almost exclusively paid for with local funding through a combination of toll revenue and voter-approved county-level sales tax proceeds.
SR 520 Bridge Replacement and HOV Program - Seattle, Washington Metropolitan Area
SR 520 is one of two major east-west roadways crossing Lake Washington, located within King County and the Seattle metropolitan area in the State of Washington. The SR 520 Bridge Replacement and HOV Program includes the replacement of the existing floating bridge across Lake Washington, the widening of the roadway to the east and accommodation of a transit/HOV lane, and several projects to the west making improvements from I-5 on the Seattle side to the floating bridge's west approach. Project financing includes toll-backed revenue bonds and a TIFIA loan supported by tolls collected on the existing and replacement bridges, in combination with other federal and state funding.
SR 826/SR 836 Interchange Reconstruction - Miami, Florida
The SR 826/SR 836 Interchange Reconstruction project is the last component of a 20-year, 12-part series of improvements to SR 826 (Palmetto Expressway) - a vital north-south route west of Miami. This project involved the complete reconstruction of the interchange with the tolled SR 836 (Dolphin Expressway) near Miami International Airport, along with reconstruction and modification to nearby frontage roads, ramps, and connecting local streets. Florida DOT paid for the nearly $600 million project with federal funds, Recovery Act stimulus funding, and revenue from the Miami-Dade Expressway Authority, which operates SR 836. The department used a design-build-finance arrangement with a contractor joint venture team delivering the project.
Teodoro Moscoso Bridge - San Juan to Carolina, Puerto Rico
The Teodoro Moscoso Bridge spans the San José Lagoon, running from San Juan to Carolina in Puerto Rico. The toll bridge was constructed in 1994 as a design, build, operate, and maintain P3 project. The bridge is the first U.S. greenfield P3 project in the transportation sector.
Transform 66 - Outside the Beltway - Fairfax and Prince William Counties, Virginia
Transform 66 - Outside the Beltway will reconstruct and expand 22.5 miles of I-66 in Virginia from the I-495 Capital Beltway to US 29 in Gainesville. The project will provide an additional general-purpose and a second HOV lane in each direction, together with auxiliary lanes, interchange reconfigurations, park-and-ride facilities, and new and improved bus service. The project is being delivered under a 50-year design-build-finance-operate-maintain public-private partnership concession and is financed with a TIFIA loan, private activity bonds, and substantial equity investments and project contributions from the private partner.
Triangle Expressway - Raleigh-Durham, North Carolina
The 18.8-mile Triangle Expressway, composed of three sections, provides congestion relief on existing north-south routes serving the Research Triangle Park region (including I-40) between Raleigh and Durham. Project financing included toll and state revenue bonds and a $387 million TIFIA loan.
US 36 Express Lanes (Phase 1) - Denver Metro Area, Colorado
The US 36 Express Lanes Phase 1 is an initial 10-mile phase of improvements, including one HOT lane in each direction, along 15 miles of roadway between Denver and Boulder, Colorado. This $312 million first phase opened in July 2015 under a design-build contract. A second phase, which opened in January 2016, completes the improvements. The full corridor is operated and maintained by a private partner that developed Phase 2.
US 36 Express Lanes (Phase 2) - Denver Metro Area, Colorado
Phase 2 of a 15-mile reconstruction and expansion of US 36, a four-lane divided highway connecting Denver and Boulder, extends the 10-mile Phase 1 project five miles further northwest to Boulder. The corridor was reconstructed and augmented with a single HOT lane in each direction. The project also included the reconstruction or rehabilitation of three bridges, accommodations for bus rapid transit, provision for ITS, improvements to a commuter rail station, and a bikeway. Phase 2 has been delivered as a DBFOM P3. In addition to the Phase 2 construction, the concessionaire will operate and maintain the entire US 36 Express Lanes corridor as well as the existing I-25 Express Lanes, which connect at its southern terminus.
US 183 South / Bergstrom Expressway - Austin, Texas
The US 183 South / Bergstrom Expressway project will be an 8-mile highway and express toll facility in Austin, Texas, connecting US 290 and SH 71. The project consists of six tolled main lanes in the median of US 183 and four to six upgraded general purpose lanes. The $860 million project will provide a reliable north-south alternative to congested I-35 and direct access to Austin's airport. The project is financed with a combination of toll-backed bonds, loans and grants from TxDOT, and a TIFIA loan.
Wekiva Parkway - Orlando Metropolitan Region, Florida
The Central Florida Expressway Authority is constructing 10 miles of the planned 25-mile Wekiva Parkway that will complete the beltway around northwest metropolitan Orlando. A TIFIA loan is helping to accelerate completion of these sections of toll highway from 2019 to 2018.
Tolling and pricing involves charging fees for the use of a roadway facility. The revenue generated may be used to pay for highway operations and maintenance and, in many cases, as the primary source of repayment for long-term debt used to finance the toll facility itself.
- Tolling involves the imposition of per-use fees on motorists to utilize a highway. Historically, these fees have been fixed, distance-based tolls that vary by vehicle type, but not by time of day. Their primary purpose has been to generate revenue.
- Pricing involves the imposition of fees or tolls that vary based on the level of demand for travel on a highway facility. The fees may vary according to a fixed schedule or in real-time based on actual travel conditions. Also known as congestion pricing, value pricing, variable pricing, peak-period pricing, or market-based pricing - this strategy manages demand by imposing a fee that varies by time of day, direction of travel, type of vehicle, number of occupants, or other factors. While pricing generates revenue, this strategy also seeks to manage congestion, environmental impacts, and other external costs.