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Road pricing involves charging fees for the use of a roadway facility. The revenue generated may be used to pay for highway operations and maintenance or as the primary source of repayment for long-term debt used to finance a toll facility itself. There are two primary variants:
183-A Turnpike - Austin, Texas
The 183-A Turnpike is an 11.6-mile controlled access north-south tolled highway east of the existing US 183 in metropolitan Austin. This regionally significant project connects to the Central Texas Turnpike System, previously funded in part with TIFIA credit assistance. 183-A was developed by the state's first Regional Mobility Authority - CTRMA - 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. A 5-mile extension is currently under construction.
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 proposed bored tunnel, as well as repairs and enhancements to a third viaduct section. This major project's financial plan is proposed to include Federal, state, and local funding, including revenue from recent 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 funded on a pay-as-you-go basis.
Central Texas Turnpike System - Austin, Texas Metropolitan Area
The Central Texas Turnpike System (CTTS) is a new transportation network that improves overall traffic mobility, facilitates access to regional services, and increases travel safety for Central Texas residents, workers, and visitors. It 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.
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.
Delaware U.S. Route 301 - Northern Delaware
U.S. Route 301 in Northern Delaware will be 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 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), achieving the state's goal of minimizing any use of funds from the State Transportation Trust Fund.
Downtown Tunnel / Midtown Tunnel / MLK Extension - Cities of Norfolk and Portsmouth, Virginia
The Downtown Tunnel / Midtown Tunnel / MLK Extension consists of five construction components involving three facilities in the Hampton Roads region of Virginia. The $2.1 billion project will be built on a design, build, finance, operate, and maintain (DBFOM) concession basis by Elizabeth River Crossings OpCo, LLC (ERC) comprised of Skanska Infrastructure Development and Macquarie Group. ERC will operate the concession for 58 years. Tolling of the existing Midtown and Downtown Tunnels to help finance the project is expected to commence in late 2012.
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.
E-470 Tollway - Denver, Colorado
The E-470 is a 47-mile orbital toll road running along the eastern perimeter of the Denver metropolitan area. 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.
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.
I-495 Capital Beltway HOT Lanes - Fairfax County, Virginia
The I-495 Capital Beltway High Occupancy Toll (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).
I-595 Corridor Roadway Improvements - Broward County, Florida
The I-595 Corridor Roadway Improvements project consists 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 is being implemented as a 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. FDOT will make availability payments backed by Federal and state resources for the concessionaire's successful completion of construction and ongoing operations. The concessionaire's financing, backed by these availability payments, includes senior bank debt, a TIFIA loan, and private equity.
IH 635 Managed Lanes - Dallas County, Texas
The IH-635 (LBJ Freeway) Managed Lanes Project will relieve congestion north of Dallas on a 13-mile stretch of the LBJ Freeway with reconstruction of its main lanes and frontage roads and the addition of six managed lanes along I-635 (subsurface) and I-35E (elevated). The project is being built as a P3 (Comprehensive Development Agreement [CDA]) between TxDOT and LBJ Infrastructure Group, which will operate and maintain the facility for 52 years.
Indiana Toll Road - Indiana
In operation since 1956, the Indiana Toll Road (ITR) 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 is primarily being reinvested in statewide roadway and bridge improvement projects.
Intercounty Connector - Maryland
The Intercounty Connector (ICC) is a toll highway under construction in Maryland. The road will link 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.
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 (HCTRA), combining toll-backed debt with more traditional grant funding.
LA 1 Improvements - Leeville, Louisiana
The Louisiana Department of Transportation and Development (DOTD) is in the process of replacing a major portion of existing LA 1 highway near Leeville, Louisiana, with a lengthy, 18 mile bridge. This area of the state's sensitive wetlands has been featured nationally as being the victim of coastal erosion and ground subsidence, and the existing LA 1 highway is literally sinking.
North Tarrant Express - Dallas-Fort Worth Metroplex
On June 23, 2009, TxDOT awarded two Comprehensive Development Agreements (CDAs - equivalent to public-private partnerships) for the North Tarrant Express project to NTE Mobility Partners. The Concession CDA for Phase 1 includes the design, development, construction, finance, maintenance, and operation of 13 miles along Interstate (IH) 820 and State Highway (SH) 121/SH 183 from IH 35W to SH 121, from north of Fort Worth to just southwest of Dallas-Fort Worth International Airport. The duration of the concession is 52 years.
Pocahontas Parkway / Richmond Airport Connector - Greater Richmond, Virginia
The Virginia I-895 Pocahontas Parkway high level crossing of the James River in Richmond, VA. This $354 million project was financed by tax-exempt toll revenue bonds issues by a 63-20 corporation. It is the first transportation project implemented under Virginia's Public-Private Transportation Act of 1995 (PPTA). 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.
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, are being leased to consortium of Goldman Sachs and Abertis. 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 at least 90% will be 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 will be spent in the first three years on "accelerated safety improvements."
President George Bush Turnpike - North Dallas Metroplex, Texas
The President George Bush Turnpike (PGBT) is a 30.5-mile circumferential toll roadway connecting various cities in the northern part of the Dallas Metroplex. The original PGBT was fully opened in 2006 and was 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 an Eastern Extension began in October 2008 and is expected to be completed in late 2011. The project is sponsored by the North Texas Tollway Authority and is financed by toll-backed revenue bonds and other state and local resources.
President George Bush Turnpike Western Extension (SH 161) - Dallas, Texas
State Highway (SH) 161, the President George Bush Turnpike Western Extension (PGBT WE), will provide 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 is being completed in four phases. The first three were constructed by TxDOT and the remaining phase and overall ownership and operation has become the responsibility of the North Texas Tollway Authority under a concession agreement signed in 2008.
SH 130 (Segments 5-6) - Austin, Texas Metropolitan Area
When fully completed, SH 130 will be 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 5-6 are 40 miles in length and are being constructed under a 50-year comprehensive development agreement between TxDOT and SH 130 Concession Company, LLC to design, build, finance, operate, and maintain the roadway.
South Bay Expressway (formerly SR 125 South) - San Diego County, California
The South Bay Expressway toll road is a 9.3-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. South Bay Expressway, L.P., holds 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 with restructured debt that continues to include a TIFIA loan, the first used in a P3 financing.
Triangle Expressway - Raleigh-Durham, North Carolina
The proposed 18.8-mile Triangle Expressway, comprised of three sections, will provide near-term congestion relief on existing north-south routes serving the Research Triangle Park (RTP) region (including I-40) between Raleigh and Durham. The project is being financed with toll and state revenue bonds and a $386 million TIFIA loan.
U.S. 36 Managed Lanes / Bus Rapid Transit Project: Segments 1 and 2 - Denver Metro Area, Colorado
A 10-mile stretch of U.S. 36, a four-lane divided highway connecting Denver and Boulder, will be reconstructed and augmented with a single HOT lane in each direction as part of an initial phase of planned upgrades over this 18-mile corridor. The $307 million design-build project will also include the reconstruction of three bridges, one interchange, accommodations for bus rapid transit, provision for ITS, and a bikeway. Financing includes a $54 million TIFIA loan facilitated by a TIGER grant, as well as a mixture of federal, state, and local funding, including $120 million from the Regional Transportation District's FasTracks program supported by a regional sales tax.
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