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Administration & Finance


Transurban North America


   Transurban will deliver the eight-mile 395 Express Lanes project as part of its long-standing partnership with the Virginia Department of Transportation (VDOT) to reduce traffic congestion in one of the world's 20 most congested cities. Transurban operates the 495 and 95 Express Lanes – a 45-mile network of dynamic, managed toll lanes that are serving over 6 million customers. Transurban will finance, develop, construct, operate and maintain the Express Lanes extension through the densely travelled 395 corridor connecting Springfield, Virginia and Washington, DC. The financing of the 395 Express Lanes involved multiple parties working together including Transurban North America, the Virginia Resources Authority, the Virginia Small Business Financing Authority and the VDOT Office of P3s. The process also included Commonwealth Transportation Board approval. Transurban created a unified credit that improved on the operational success of the 95 Segment to support the Series 2017 Bonds and resulted in a one-notch credit upgrade to BBB from both S&P and Fitch. The transaction received more than $1.5 billion in orders, allowing for further spread tightening to a final level of 49 to 50 basis points to Municipal Market Data rate. With demonstrated fiscal value to the Commonwealth of Virginia, its taxpayers and the project’s shareholders, the 395 Express Lanes moved swiftly to construction and is on schedule and on budget to open to customers in the fall of 2019.


E-470 Public Highway Authority


This program was intended to improve the overall effectiveness of Colorado's temporary license plates by creating a standardized tag design, specifications for placement of the tag on the vehicle and a database for vehicle owner identification.


Three main objectives were to reduce leakage (lost revenue) resulting from inability to read temporary tags in the rear window due to misplaced tags, damaged/unreadable tags, tinted windows, fraud, etc.; increase safety measures for law enforcement by making the temporary license plate easier to identify at a distance, and by creating a database for vehicle identification and reduce the ability to counterfeit the temporary license permits/tags.


For the Customer

The new standardized process helped eliminate customer confusion surrounding temporary tags. The new database is streamlined and provides the Authority more accurate address information meaning the customer receives a bill in a timely manner.

For the Authority

The initiative reduced the gross revenue lost due to the inability to read the paper tags by $6.7M when comparing the six quarters before the program to the six quarters after implementation of the newly designed tags and the streamlined database that allowed for improved identification of the registered owner of the vehicle.

For the Community

Local law enforcement agencies are now able to read the plate and complete a plate lookup before approaching the vehicle, increasing officer safety. Auto dealers received an updated, cloud-based vehicle registration and temporary license plate application that improved customer service at the time of vehicle sale. In addition, the new temporary tags provide a streamlined design and set requirements for the mounting of the tag on the vehicle.

For the Government

The Department of Revenue, Division of Motor Vehicles received a cloud-based temporary registration permits application that was available to county clerks and DMV offices that provided an improved searchable database integrated with the permanent license plate and registration database. This improved efficiencies and enhanced effectiveness.

This initiative is now being considered for use in Texas by the Texas DMV and the Texas Auto Dealers Association. In addition, this Colorado Legislative effort was used to model a similar temporary license plate program by the California DMV. This program has been used as a model within the toll industry because it is a true testament to what teamwork and collaboration can mean for a statewide initiative aimed at improving safety and enhancing business efficiencies. In the end, this program has benefited everyone from toll authorities to law enforcement agencies to government entities to customers. It demonstrated that a local toll authority (Colorado political subdivision), was able to partner with several state agencies, state and local law enforcement agencies, statewide local governments (64 county clerks) and private businesses (Colorado's auto dealers) in order to persuade the Colorado State Legislature to pass legislation, which in turn improved the business processes for all key stakeholders. In addition, the local toll authority (E-470), through a one-time grant, was able to spare taxpayers the cost of this project.


ITR Concession Company LLC

The ITR Concession Company (ITRCC) receives the Administration and Finance Award for its innovative methods of procuring and contracting the 80/90 PUSH project along the Indiana Toll Road. The Indiana Toll Road runs 157 miles east-west across the entire state of Indiana, from the Illinois to Ohio state lines. 80/90 PUSH is massive in scope and includes upgrading 292 lane miles (73 linear miles), 9 interchanges, and 53 bridges, and installing a fiber optic backbone along the corridor as a step to implementing an Intelligent Transportation System. With a $220 million budget it is the largest investment in the Indiana Toll Road since its initial construction in 1956.

80/90 PUSH incorporated an aggressive procurement and delivery schedule to deliver the project swiftly and with minimal travel disruptions. To meet deadlines and minimize costs ITRCC utilized an innovative blend of Early Contractor Involvement (ECI) and Design-Build project delivery strategies. ITRCC involved contractors early in the project, ran concurrent design processes, and remained committed to transparency and communication with prospective partners. ECI is typically performed with one contracted design team, but by offering $250,000 to the unsuccessful team ITRCC kept multiple parties involved and maintained competitive pricing tension.

Considering the scope of investment in 80/90 PUSH, ITRCC maintained a strong contractual position throughout the project and implemented specific penalties for delays, traffic queues, and cost overruns. ITRCC mitigated future risks by negotiating an extended 7-year warranty thus assuring a well maintained, high quality product. Today 80/90 PUSH is ahead of schedule and under budget. Over 100,000 working hours have been logged without a single lost time injury. The safety, speed, and cost effectiveness of the project reflects the exemplary partnering and procurement strategies demonstrated by ITRCC.


Florida's Turnpike Enterprise

When Florida’s Turnpike Enterprise opened the I-4 Connector in Tampa Bay on January 6, 2014, it marked a milestone in the effort to reduce local congestion in the face of surging economic growth and increased truck traffic from the region’s busy port. The limited-access, all-electronic toll road links Interstate 4 and State Road 618 (the Selmon Expressway), providing direct access to the port with one-of-a-kind truck-only lanes. Traffic along the I-4 Connector has more than doubled in 2½ years, from 22,000 vehicles per day in 2014 to 48,000 today, demonstrating how effectively the project has eased congestion while removing an estimated 3,400 trucks per day from the streets of Ybor City, one of only two National Historic Districts in Florida. The diversion has reduced accidents on two key city streets by nearly 60 percent, and the availability of a free-flow, high-speed route means trucks travelling from I-4 to I-75 won’t hit a red light until they get to Canada. The project was funded by federal, state, and provincial governments, with essential support from $80 million in Turnpike revenue bonds. In FY 2015, project revenue of $8.8 million greatly exceeded the initial forecast of $6.1 million.

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Central Nippon Expressway Company Limited

The Tomei Expressway is a major artery that has made invaluable contributions to Japan’s economy, industry, and culture since it opened in 1969. But after nearly a half-century of often explosive economic development, traffic volumes have increased and the vehicles themselves are larger, so that most sections of the road face serious congestion. The 162-kilometer Shin (New) Tomei Expressway provides a second mobility option to ensure the free flow of people and goods between Tokyo, the center of Japan’s economy, and Nagoya, one of its main industrial cities. The new highway was designed to dramatically improve reliability and service levels on the existing Tomei Expressway; Provide more resilient infrastructure in Shinzuoka Prefecture along the Tomei Expressway, National Highway No. 1, and Japan Railway’s Tokaido line, an area that faces a higher risk of landslides, typhoons, and other severe conditions; Revitalize the national and regional economy by speeding up the flow of people and goods between two of Japan’s major metropolitan areas.

Vital Stats

  • 162 kilometers with 12 all-electronic tolling points
  • Construction cost of ¥2,571 billion (US$25.7 billion), funded mainly through the bond market
  • 92% reduction in episodes of traffic gridlock spanning 10 kilometers or more, from 227 to 18 per year, based on combined volume on the Tomei and Shin Tomei Expressways
  • 27.5% reduction in collisions involving human injury or death, from 521 to 378 per year
  • 70% of through traffic diverted to the Shin Tomei, with 80% of local traffic in Shizuoka Prefecture remaining on the original Tomei Expressway, and larger, long-haul vehicles switching to the new road
  • 13% increase in traffic volume within the region, from 73,000 to 83,000 vehicles per day
  • 97% increase in commercial/industrial land transactions in Shizuoka Prefecture, from 37 to 73 per year, in the first year after the Shin Tomei Expressway opened
  • 74% increase in the percentage of non-local tourists visiting Mt. Fuji Seseragi Park, from 23% before the road opened to 41% after.

Innovative Features

Central Nippon Expressway Co. Ltd. funded construction primarily through the bond market, with the understanding that the Japan Expressway Holding Debt Repayment Agency (JEHDRA) would take ownership of the road and assume its debts after the project was complete. The agency completed the project on budget, and almost a year ahead of schedule. The leasing agreement between Central Nippon and JEHDRA ensured that (1) Project costs would be fully repaid with interest; (2) an essential project would be completed earlier than would otherwise be possible, while minimizing the burden on public funds and allowing a profit for the private concessionaire and users benefit from a flexible tolling system that offers excellent ancillary services.

The project gave Central Nippon an opportunity to acquire field experience with new technologies and systems that will now be applied on other roads in the company’s portfolio. The highway uses real-time camera footage and back office analysis to track road conditions and advise drivers of congestion, collisions, or obstructions on the roadway, via electronic signage and onboard systems. The Shin Tomei Expressway runs on the straightest possible line through mountainous terrain. Central Nippon used state-of-the-art design and construction techniques to protect genetic diversity in the project area, incorporating design structures that would help prevent landslides and protect local ecosystems. The project relied on an innovative excavation method to build the large, cross-sectional tunnels the roadway required, and introduced a new, compact bridge design that featured long-span, lightweight superstructures.  Agency Contact, Satoshi Naito, Section Chief,


Illinois Tollway

The Balmoral Avenue Interchange is an all-electronic ramp that runs to the southbound Tri-State Tollway from Balmoral Avenue in Rosemont, Illinois. This $25 million project has provided thousands of drivers with improved access to the Donald E. Stephens Convention Center, Rosemont Theater, O’Hare International Airport and numerous local businesses in the area. The interchange was developed under a locally financed agreement, the first of its kind as the Rosemont community agreed to finance and construct the project. The agreement required that Rosemont set goals for Disadvantaged Business Enterprise participation when hiring contractors to work on the project. Today, the developing entertainment district and surrounding areas enjoy less congestion and improved mobility. The project is a success story for the ongoing efforts to encourage state and local agency collaboration.


CCR Group

The CCR Group is one of the largest companies in the area of infrastructure concessions in Latin America. It administers 2,437 kilometers of the Nation’s highways under concession in the States of São Paulo, Rio de Janeiro, and Paraná, and managed by the CCR Ponte, CCR NovaDutra, CCR ViaLagos, CCR RodoNorte, CCR AutoBAn, CCR ViaOeste, CCR RodoAnel, CCR SPVias, and Renovias concessionaires and employs approximately 7,000 people. Because of its relevance in the industry and its growth strategy (CCR acquires, on average one new business per year). The CCR Group perceived the need to enable all of its leadership levels and sought out Brazil’s most respected institutions, in 2010, to develop its Leadership Development Program (LDP). The result of that process was to choose the Dom Cabral Foundation (DCF), which created, together with the company’s People Management staff, a customized program that was prepared especially for the CCR Group. DCF was created in 1976 as a center for developing executives, business people, and companies, and it is one of the most renowned and respected organizations in Brazil in this segment. The Leadership Development Program (LDP) began in September 2010 and completed its first cycle in February 2011. During that time, approximately 200 executives from a broad range of leadership phases participated in the first three training modules, which dealt with the subjects of Corporate Governance, People Management, and Financial Management. Also included in this phase are bi-monthly workshops with the CCR Group’s top management. The other LPD cycles are already under way, and the conclusion of the entire process is expected for early 2012.


Metropolitan Washington Airports Authority (MWAA)

The Metropolitan Washington Airports Authority (Airports Authority) operates Washington Dulles International Airport and Ronald Reagan Washington National Airport. Pursuant to agreements with the Virginia Department of Transportation (VDOT), it has additionally assumed responsibility for operating and maintaining the Dulles Toll Road, an eight lane limited access highway approximately 13.4 miles in length that extends from I-495 in Fairfax County, Virginia, to Route 28 in Loudoun County, Virginia. The Dulles Toll Road operates as a major commuter route for the Washington metropolitan region, provides direct access to and from Tysons Corner (Virginia's largest office market and one of the leading business centers in the nation), and serves Dulles International Airport. This project highlights administrative and financial policies that were developed by the Airports Authority as part of its Dulles Corridor Enterprise initiative, a program designed to ensure completion of the Dulles Metrorail Project and other transportation improvements within the Dulles Corridor by leveraging Dulles Toll Road revenues and other federal, state and local resources. The Dulles Metrorail Project is a 23.1-mile extension of the Washington Metropolitan Area Transit Authority's Metrorail system from Fairfax County, Virginia, to Dulles International Airport, and beyond the airport to Route 772 in eastern Loudoun County, Virginia.  The success of the Dulles Corridor Enterprise initiative illustrates the important leadership role that toll agencies can play in addressing regional mobility needs and promoting multi-modal transportation solutions. The Airports Authority had to meet several challenges, including negotiating a permit and operating agreement with VDOT that establishes the rights and obligations of the Airports Authority with regard to the operation and maintenance of the Dulles Toll Road over a 50-year period.  The Airports Authority developed and executed short-term and long-term strategies for managing Dulles Toll Road operations, implemented its regulatory process for soliciting public comment on the toll increases required to support the plan of finance for the Dulles Metrorail Project, and successfully accessed the debt capital markets by creating a new revenue bond credit secured solely by Dulles Toll Road revenues.  The inaugural bond sale was awarded the Bond Buyer's 2009 Deal of the Year, and the Airports Authority has also been recognized for its Dulles Corridor initiative by the Government Finance Officers Association.


Attica Tollway Operations Authority

Considering that the customers of Tollways have higher service level demands compared to the users of non-tolled motorways, a “Monitoring the success” action has been adopted by Attica Tollway. This “Monitoring the success” action is based on the development of a system for monitoring and analysing the trends of the outcome of an urban Tollway and it acts as a mechanism protecting the expected “value” that arises from the payment of  toll fee.  The major components of this action are the "Key Performance Indicators" (KPIs), which are based, to a great extent, on a multifunctional survey, in reference mainly to safety and customer service.


Orange County Transportation Authority

The 91 Express Lanes Toll Policy, approved by the Orange County Transportation Authority’s Board of Directors, is designed to administer congestion management toll pricing. One of the challenges faced when OCTA bought the 91 Express Lanes was how to design and implement a congestion management toll policy administered by a board of publicly elected officials. OCTA implemented a Toll Policy that adjusted toll rates based on the number vehicles on the 91 Express Lanes and based on its stated goal to maintain a “free flow” commute at all times. As a result, toll adjustments do not need a Board vote each time a toll has to be adjusted. To date, OCTA has adjusted eighteen peak period hours based upon traffic volumes.


N3 Toll Concession (Pty) Ltd.

The objective of the Commodity Hedging Strategy is to protect the Company (“N3TC”) against wild fluctuations whilst ensuring that it benefits from any downward movement in the dollar’s price of oil or upward movement in the Rand exchange rate. With the assistance of N3TC’s technical personnel, the projected consumption of bitumen and diesel was determined for each six monthly period to 31 December 2009. A competitive tender process was entered into with the financial institutions, the result of which was that derivative contracts were taken out for each six month period based on the projected consumption and a price determined by reference to the aggregate of the forward curve of the Rand exchange rate and the relevant commodity benchmark derived from the dollar oil price.


North Texas Tollway Authority

In September 2003, the Dallas/Fort Worth International (DFW) Airport, a public governmental agency of the cities of Dallas and Fort Worth, contracted with the NTTA through an interlocal agreement (ILA) to utilize the NTTA's electronic toll collection system (the RITE system) and related clearinghouse functions to support DFW parking revenue collection.  It extended the ILA in 2005 to install AVI technology and was soon followed by the City of Dallas, who in March 2005 contracted with the NTTA to use the NTTA's AVI technology for the Dallas Love Field Airport in a similar manner.  The nature of the agreements between the NTTA and the two airports is an exemplary model of successful governmental relations and a text-book case study in the ability of focused, determined public organizations working together for the benefit of their mutual constituents/customers.


Illinois State Toll Highway Authority

The efforts of the Illinois Tollway to market I-PASS and generate non-toll revenue have resulted in substantial growth in I-PASS sales and usage since the new leadership team was put in place in early 2003. Some of the most fruitful tactics of the Tollway have included unique partnerships with retailers, broadcasters, transit service providers and oases over the road site developers. In total these partnerships will generate over $4.0 million dollars in advertising and marketing dollars for the Illinois Tollway, which in the previous 10 years had only budgeted roughly over $500,000 total.  Not only does this save valuable resources, it also helps counter the negative public feedback that often results when toll money is spent to promote Tollway’s and electronic toll collection.


The Illinois State Toll Highway Authority

The new Violation Enforcement System which integrates the use of technology with an expert-lead management team helps the Illinois Toll Highway Authority to respond quickly and effectively to offenders. The VES made it possible for the Toll Authority to reduce toll evasion by a full percentage point, recoup lost revenues, and renew public trust and confidence in the Illinois Toll industry.


North Texas Tollway Authority

By using tax-exempt commercial paper, the North Texas Tollway Authority was able to lower interest rates in the early years of construction on projects such as the President George Bush Turnpike and increase debt capacity.  Commercial paper eliminates the need for capitalized interest and eliminates the potential for negative “costs of carry” in the construction fund.  In comparison to the traditional fixed-rate bond program the commercial paper program was projected to save approximately $43 million on $500 million in financing new projects.


New Jersey Turnpike Authority

The objective of this project was not only to have all contractor personnel able to be fully trained regarding roadway construction safety and lane closing installation, but also to ensure employees hired after the initial demonstration would have equal opportunity for training without draining the resources of the Maintenance Department, Operations Department or State Police Construction Unit.  Also, the availability of this video ensures a standard of training for all contractors over the term of a construction project.  The video has not only saved training resources from the aforementioned departments, but it has also reduced downtime spent training the contractors and ultimately decreased the number of safety violations.