The Chicago Skyway Bridge is a 7.8-mile real toll road built in 1958 (and extensively reconstructed in 2001-04) to connect the Dan Ryan Expressway to the Indiana Toll Road. Up until the time of the transaction the road was operated and maintained by the City of Chicago. Then, in January 2005, the City of Chicago entered into a 99-year operate-and-maintain concession with the Skyway Concession Company (SCC). The contract was awarded in October 2004 and the lease commenced in January 2005. The structure of the concession effectively meant that the road was privatized, and the SCC assumed responsibility for all operations and maintenance of the Skyway, including the right to all toll and other concession revenue. Upon entering the concession, the SCC paid the City of Chicago US$1.83 billion (the US$1.82 billion bid adjusted for inflation). By August 2005 the transaction was refinanced, creating a total finance package of US$2.15 billion.