| Name |
91 Express Lanes |
| Location |
Orange County, California |
| Mode |
Toll Highway |
| Description |
Four-lane toll facility in the
median of a 16 km section of
the 91 Riverside Freeway, one
of the U.S.' most heavily congested
highways.
Privately-owned and operated
The first fully automated
toll road in the world,
and first variably-priced
toll road in the United
States
As of November 2001, tolls on the Express Lanes varied between $1.00 and $4.75, reflecting the level of congestion delay avoided in the adjacent non-tolled freeway lanes
Requires use of electronic
transponder.
HOVs pay a reduced (currently
50%) toll.
|
| Sponsor |
CalTrans
Orange County Transportation
Authority |
| Cost |
$130 million |
| Type
of Finance |
$65 million in 14-year variable
rate bank loans
$35 million in longer term loans
(24 years)
$20 million private equity
$ 9 million subordinated debt
to OCTA to purchase previously-completed
engineering and environmental
work |
| Revenue
Sources |
Variable Rate Tolls |
| Project
Delivery / Contract Method |
BTO
35-year franchise agreement
between California Private
Transportation Company
and the State of California.
|
| Private
Investor Partner |
California Private Transportation
Company (CPTC)
Level 3 Communications,
Inc.
Cofiroute Corporation
Granite Construction,
Inc.
|
| Project Advisors |
|
| Lenders |
$65 million in 14-year variable
rate bank loans:
Banque Nationale
de Paris
Deutsche Bank
Societe Generale
Citibank
$35 million in longer term loans
(24 years):
CIGNA
|
| Physical Status |
Opened in December 1995 |
| Financial Status |
OCTA voted to purchase
the toll road from
CPTC in April 2002. |
| Innovations |
First privately-financed
toll road in the U.S. in
the last 50 years.
The first fully automated
toll road in the world,
and the first variably-priced
(value pricing) toll road
in the United States.
Transportation officials
in the U.S. and other countries
are watching this project
closely to gain insights
into project financing,
value pricing, toll operations
and customer services.
Lanes are generating important
information about traffic
and travel behavior responses
to variable tolling.
|
| Related
Links / Articles |
California's
Riverside Orange Counties
Agree on How to Handle
Toll Road, The
Business Press,
4/29/02
http://www.91expresslanes.com
California's
91 Express Lanes Toll
to Rise for 4th Time
Since Road Opened
by Megan Garvey
(01/19/99)
91
Express Lanes Finally
Out of Red by
H. G. Reza (08/06/98)
Paying
the Toll for Traffic
Congestion by
Ken Reich (07/16/98)
Barrage
of Erroneous Tickets
Takes Toll on SR 91
Commuter by David
Haldane (04/22/98)
Tolls
Raised for 4th Time
on 91 Express Lanes
by David Haldane (04/04/98)
She
Feels Wronged After
Expressing Her Mistake
by David Haldane (02/09/98)
Deficit,
Fewer Clients Don't
Dull 91 Operators'
Pride by Frank
Messina (05/02/97)
Thinking
on Tolls Turns a Corner;
County's experience
holds lessons for
the rest of the state
(04/06/97)
Owners
Say California's Privately
Run Toll Road Success
Forces Price Hike
by Gray Scott (12/26/96)
91
Express Lanes Transponder
Distribution Ahead
of Schedule (06/96)
California
Gets World's First
Space-Age Toll Road
by Michael Miller
(12/06/95) |
| Contacts |
Greg Hulsizer
General Manager
California Private Transportation
Company
91 Express Lanes
180 N. Riverview Drive, Suite
290
Anaheim, CA 92808
Tel:(714) 637-9191 x328
Fax:(714) 637-9266
ghulsizer@91expresslanes.com
|
| Last Review/Update |
California Private
Transportation Company,
May 2002 |
