In May 2005, TxDOT issued a request for qualifications (RFQ) to gauge initial interest in the project from the private sector and identify the most qualified firms to ultimately submit detailed proposals. At this time, the project still included segments of I-635 east of U.S. 75, extending to U.S. 80, but the RFQ acknowledged that those segments may only be included as optional components in the ultimate solicitation for detailed proposals. The RFQ included an estimate of public funding available for the project and stated that the private partner would be expected to finance the design and construction of the project with the stream of toll revenues. TxDOT announced a shortlist of four proposers in November 2005.
In 2006, NCTCOG and its governing board, the Regional Transportation Council (RTC), approved a 19-point Regional Managed Lanes Policy. This policy, which includes guidance for private developers interested in potential managed lanes projects, provides a basic framework to help guide the development of new projects.
That year TxDOT amended the project scope to be consistent with the regional managed lane policy. As part of its value engineering exercise-a design process intended to identify project cost savings-TxDOT also modified the configuration of the subsurface tolled managed lanes. It determined that rather than placing the managed lanes in tunnels, they could be constructed as an open trench, with the existing general-purpose lanes cantilevered above them. This approach resulted in significant cost savings while still conforming to the original project goal not to increase the width or height of the existing roadway. Other modifications were also made to incorporate existing interchanges into the design and improve access to and egress from tolled managed lanes.
Later in 2006, the RTC endorsed the P3 project delivery approach and committed additional public funding to the project. However, the request for detailed proposals from the shortlisted private partners was delayed, as support for P3s at the state level underwent considerable scrutiny during the 2007 legislative session. Ultimately, the state's ability to use this project procurement tool was curtailed that year, but the LBJ Express project was exempted from the new restrictions.
In September 2007, TxDOT issued a final request for proposals from the three remaining shortlisted bidders and scheduled a series of one-on-one meetings with the developers to obtain a better understanding of the procurement requirements and to discuss financial feasibility and commercial terms and conditions. After a lengthy solicitation period prolonged by the financial crisis of 2008, TxDOT ultimately received two proposals in January 2009.
Over the next month, TxDOT evaluated the proposals and by the end of February 2009, determined that LBJ Infrastructure Group (LBJIG) provided the best value to the state. In September 2009, TxDOT and LBJIG formally concluded the competitive bidding process by signing a P3 agreement (CDA), a milestone referred to as reaching "commercial close." LBJIG committed to financing, designing, building, operating, and maintaining the LBJ Express under a 52-year concession agreement. The private developer will set the toll rates for the managed lanes (in accordance with the regional policy) and collect toll revenues over the life of the concession.
The LBJIG is a special purpose entity with limited liability established by Cintra U.S., Meridiam Infrastructure Finance, and the Dallas Police and Fire Pension System to implement the project. Cintra, a Spanish company, is a highly experienced toll road developer and operator. Meridiam is a French firm and is one of the largest investors in and developers of public infrastructure facilities in the world. LBJIG partners also include the design-build contractor Trinity Infrastructure LLC, which is a joint venture between Ferrovial Agroman and Houston-based Webber, both units of Cintra's Spanish parent company, Ferrovial.