Transcript THE 495 EXPRESS LANES STORY June 17, 2014 Transurban > International infrastructure investor and toll road operator > Operating in United States and Australia > Top.

THE 495 EXPRESS LANES STORY
June 17, 2014
Transurban
> International infrastructure
investor and toll road operator
> Operating in United States and
Australia
> Top 30 company on the
Australian Securities Exchange
(ASX)
> Unique long-term operator
model aligns with governments
495 Express Lanes Delivery
> Early, on-budget
> Industry leading
safety record
> Aggressive
community
engagement
> Strong local
partnership
Landmark Changes to I-495
Community outreach
> Over construction of 495
Express Lanes
− Hosted, presented or
participated in more than
930 events, meetings or
briefings
− 250 million advertising
impressions and hundreds of
news stories
> 495 and 95 Express Lanes
Community Grant Programs
benefit residents in our
project corridors
− Supported more than 110
projects
− Delivered $370,000 in
funding to organizations
Extensive education
Research
driven
Ongoing
Customer
outreach
Bold
elements
Broad
tactics
Opened November 17, 2012
The basics
> Approximately 14 miles of electronically tolled HOT lanes
between the Springfield Interchange and north of the Dulles
Toll Road
> Two new lanes in each direction, increasing the number of
lanes from 8 to 12
Road operations
> Network
coordination with
VDOT
> Strong operating
partnerships
> Dynamic Pricing
System
> Incident response
Dynamic Pricing Overview
> First time in region
> Sets toll prices based on
traffic
> Helps maintain federal
required performance
standards
Transportation
Outcomes
• Improved travel conditions
• New and expanded bus routes
• First-time HOV service
• Improved access to key destinations
• Positive community and customer
feedback
• Majority believe project
benefits our region
Fast facts
Served more than 1.1m customers
Seen travelers from all 50 states
Toll price range: $0.50 to $11.55
Average toll price: $2.38
Dec 13, 2013, was the busiest day on
the Express Lanes with 48,489 trips
> The most popular Express Lanes trips
since opening:
>
>
>
>
>
− Springfield Interchange to
Route 267
− I-66 to I-495
− Springfield Interchange to I495 north
Jay Loftus, Program Manager
Office of Transportation Public-Private
Partnerships
June 17, 2014
Keys to Virginia’s P3 Success
Implementation
Guidelines
P3 Law
Political/
Public Support
Successful P3
Program
Pipeline of
Projects
Transparent
Development
Process
Public Sector
Capacity
Virginia Portfolio of P3 Projects
Virginia’s P3 Project
Capital Beltway Express
Lanes
– Comprehensive agreement
with Transurban / Fluor
executed in 2007
– Open to traffic November
2012
– Concession period 80 years
– State contribution of $409
million combined with
private sector contribution
leveraged a total project
valued at $1.7 billion
495 Express Lanes - Lessons Learned
• Know your scope
• Know the condition of current
assets
• Construction Manager
involvement during project
development & procurement
• Identifying risks, appropriate
risk transfer
• Independent Estimate
• Timely decision-making
• Public involvement
495 Express Lanes - Benefits
• Major transportation
improvements now
• Leveraging private
investment with state funds
• Travel time reliability and
additional choices
• Full electronic tolling with
dynamic pricing
• DBE/SWaM participation
40.5% = $536 M
• Jobs supported = 31,000
• Economic impact to
community = $3.5 B
QUESTIONS?
Jackie Cromwell, Program Manager
Office of Transportation Public-Private
Partnerships
June 17, 2014
New Opportunities for
Virginia’s P3 Program
• PPTA Implementation Manual & Guidelines
– Strengthen transparency
– Enhance public involvement and awareness
– Enhance competition from the private sector
– Adequate evaluation of risk
New Opportunities for
Virginia P3 Program
• PPTA Guidelines will also be updated to
ensure they strengthen transparency, public
involvement, enhance competition, and risk
evaluation:
– Value for Money
– Risk Analysis
– Project Identification and Screening
– P3 Definitions
– Public Involvement and Awareness
Communicating P3 Benefits
Project Cost
State
Contribution
% of
Total
Cost
Jobs
Supported
495 Express
Lanes (O&M)
$1.9 B
$409 M
22%
31,000
$3.5 B
95 Express
Lanes (O&M)
$925 M
$71 M
7.6%
8,000
$2 B
US Route 460
$1.393 B
$1.15 B
83%
18,000
$5.7 B
Midtown Tunnel
(O&M)
$2.1 B
$420.5 M
20%
1,700
$170-254 M
Total Benefits
$6.32 B
$2.05 B
33%
P3 Project
Economic Activity
58,700 jobs ~$11.4 B
economic activity
Translating Project Benefits
to the Region
Regional Connectivity • Reduced Congestion • Added Capacity • Project Delivery
$2.1 billion
regional network
roadway project
6 million
vehicle hours
saved annually
17 million
gallons of fuel
wasted in traffic
congestion
P3 Project
$421 million for
delivery of $2.1
billion project
Workdays lost from HRMPO Hampton Roads Regional Benchmarking Study, December 2008
GRP from Old Dominion University Economic Forecasting Project
Fuel wasted from HRMPO Hampton Roads Congestion Management Process Report, March 2009
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2013 Pipeline
I-66 Corridor Multimodal Improvement
Project
• Identifying potential multimodal
improvements between I-495 and Rte. 15
• Study considering possible improvements
to I-66, Metrorail, Virginia Railway
Express, and express bus service
• Detailed-level screening of candidate
PPTA project will consider elements of a
business case including traffic & revenue
analysis, risks, cost benefit analysis, and
preliminary cost analyses
• Request for Information released June
2013 drew 19 team responses
28
Air Rights Development
• Assessing opportunities and
viability of air rights
development in Virginia
• Detailed-level screening of
candidate PPTA project
considered elements of
business case and financial case
including risks, cost benefit
analysis, and preliminary cost
analyses
• Request for Information
released July 2013
Questions?
Jackie Cromwell, Program Manager
Office of Transportation Public-Private
Partnerships
June 17, 2014