Following receipt of Northwest Parkway LLC's unsolicited offer, the Northwest Parkway Public Highway Authority sought competing bids and issued a request for qualifications for the long-term lease of the Parkway in September 2006. It received 15 responses in October 2006 and shortlisted 11 teams to participate in the competitive bidding process. The bids were due in February 2007, and in April 2007, the Board of the Northwest Parkway Public Highway Authority voted to enter into negotiation with Northwest Parkway LLC. The Authority selected the consortium based on its "excellent history of toll operations in Europe and strong customer service." The Northwest Public Highway Authority did not "simply accept the highest bid," but rather the bid that provided the "strongest financial values for [the] multiple member jurisdictions."
In November 2007, the Northwest Parkway Public Highway Authority executed a 99-year concession agreement with its private partner. Northwest Parkway LLC made an upfront cash payment to the Authority, assuming all of its outstanding debt and committing to make annual administrative payments to the authority over the life of the lease, totaling approximately $200 million. The concession agreement also required oversight by an independent engineer to perform periodic inspections of the Northwest Parkway and its toll collection system.