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

91 Express Lanes 91 Express Lanes AcquisitionAcquisition

Statewide Conference on Statewide Conference on TransportationTransportation

91 Express Lanes 91 Express Lanes AcquisitionAcquisition

Statewide Conference on Statewide Conference on TransportationTransportation

Arthur T. Leahy, Chief Executive OfficerOrange County Transportation AuthorityArthur T. Leahy, Chief Executive OfficerOrange County Transportation Authority

No Improvements Allowed No Improvements Allowed Until 2030Until 2030No Improvements Allowed No Improvements Allowed Until 2030Until 2030

OCTA’s Acquisition Provided A OCTA’s Acquisition Provided A SolutionSolutionOCTA’s Acquisition Provided A OCTA’s Acquisition Provided A SolutionSolution

$207.5 million purchase price$207.5 million purchase price

OCTA assumed CPTC’s $135 million taxable OCTA assumed CPTC’s $135 million taxable bonds and paid $72.5 million in cashbonds and paid $72.5 million in cash

Deal was contingent upon:Deal was contingent upon:

– Due diligence reviewDue diligence review

– Tolling legislationTolling legislation

– Dismissal of litigationDismissal of litigation

– Removal of Non-Compete ZoneRemoval of Non-Compete Zone

Next StepsNext StepsNext StepsNext StepsStudy the impacts of allowing carpoolers with Study the impacts of allowing carpoolers with three or more occupants to ride for freethree or more occupants to ride for free

Develop and adopt toll policyDevelop and adopt toll policy

Begin studying improvements Begin studying improvements along the 91 Corridoralong the 91 Corridor

Refinance taxable debt with Refinance taxable debt with tax-exempt securitiestax-exempt securities

Over the next 25 years:Over the next 25 years:

– Orange County is projectedOrange County is projectedto add 540,000 jobsto add 540,000 jobs

– Riverside County is projected Riverside County is projected to add 453,000 jobsto add 453,000 jobs

– Riverside County’s population is projected to increase Riverside County’s population is projected to increase by 85% (or one million people)by 85% (or one million people)

Tremendous Growth Projected Tremendous Growth Projected for the Regionfor the RegionTremendous Growth Projected Tremendous Growth Projected for the Regionfor the Region