Soon after AB 680 was passed, Caltrans issued a request for expressions of interest from private investors interested in developing transportation improvements. It received several submittals and ultimately invited 13 groups to submit franchise proposals. Nine of them submitted detailed proposals for eight private toll road projects. Of these, four groups were selected. Caltrans made its selection based on a number of criteria, including the need for the project, environmental effects, constructability, right-of-way requirements, the experience of the consortium, incorporation of innovative concepts, and the promotion of economic development.
The third-ranked submission was made by CPTC, a subsidiary of CRSS (Caudill Rowlett Scott-Sirrine), an architectural company. CPTC proposed developing Caltrans' HOV widening concept for SR-91 as tolled express lanes. Caltrans and CPTC successfully negotiated a Development Franchise Agreement for the project in December 1990. The Agreement specified that CPTC would finance and construct the express lanes and transfer the title to the facility to Caltrans immediately upon completion. Caltrans would then lease the operational rights back to CPTC for a 35-year concession period.
Under the agreement, CPTC would maintain control over the toll rates, but its rate of return was capped, with any excess profits split equally between Riverside and Orange counties. The contract also included a non- compete clause that created a 1.5-mile protection zone along each side of SR-91 effective until 2030 where the development of new roads or highway capacity competing with the express lanes was prohibited.