The San Joaquin Hills Transportation Corridor is a limited-access, seventeen-mile, six-lane toll road running parallel with the Pacific Coast Highway and the San Diego Freeway. The project was designed to alleviate congestion along major arterials in Orange County, California.
The $1.4 billion project was financed primarily through senior-lien revenue bonds ($1.079 billion). Additionally, a $120 million in standby Federal line of credit, $91 million in junior-lien bonds, $38 million in project revenue certificates, and other sources helped fund the project. The project's sole sources of revenue are tolls, development impact fees, and interest earnings. Opening in 1996, the toll road is currently operating at 83 percent of projections.
The project was constructed on a design-build contract, with both a guaranteed maximum price and construction date. Despite an 18-month environmental delay, two severe rainstorms and a flood; the toll road was opened to the public three-and-one-half months early.