91 Express Lanes Acquisition Statewide Conference on Transportation Arthur T. Leahy, Chief Executive Officer Orange County Transportation Authority Arthur.

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Presentation transcript:

91 Express Lanes Acquisition Statewide Conference on Transportation Arthur T. Leahy, Chief Executive Officer Orange County Transportation Authority Arthur T. Leahy, Chief Executive Officer Orange County Transportation Authority

No Improvements Allowed Until 2030

OCTA’s Acquisition Provided A Solution $207.5 million purchase price OCTA assumed CPTC’s $135 million taxable bonds and paid $72.5 million in cash Deal was contingent upon: –Due diligence review –Tolling legislation –Dismissal of litigation –Removal of Non-Compete Zone

Next Steps Study the impacts of allowing carpoolers with three or more occupants to ride for free Develop and adopt toll policy Begin studying improvements along the 91 Corridor Refinance taxable debt with tax-exempt securities

Over the next 25 years: –Orange County is projected to add 540,000 jobs –Riverside County is projected to add 453,000 jobs –Riverside County’s population is projected to increase by 85% (or one million people) Tremendous Growth Projected for the Region