The International Bridge, Tunnel and Turnpike Association (IBTTA) will award Transurban North America the 2019 Toll Excellence Award for Administration and Finance for innovative financing of the Interstate 395 Northern Virginia Express Lanes project.
Transurban North America showed excellence in securing innovative finance mechanisms to fund the development of an eight-mile extension of its dynamically tolled network, the organization said in announcing its selection. The 395 Express Lanes will open in the fall.
“Transurban North America’s work on the 395 Express Lanes in Northern Virginia is helping to deliver a 63-mile, high-tech managed-lanes network to tackle regional congestion, spur billions of dollars of economic activity and encourage integrated multimodal solutions to keep the region moving,” said Patrick Jones, executive director and CEO of IBTTA.
The project works to “leverage the best of the private and public sectors – including creative problem-solving and best practices in financing,” Jones said.
The International Bridge, Tunnel and Turnpike Association is the worldwide association for the owners and operators of toll facilities and the businesses that serve tolling. Founded in 1932, IBTTA has members in 23 countries on six continents.
Its 2019 awards will be presented at the organization’s annual meeting, to be held in September in Nova Scotia, Canada.