The Greenway has seven tolls, including one main toll (with 18 lanes) and six toll ramps. ETC is available at every toll, with 10 dedicated ETC tracks on the main toll. The Greenway is designed to allow a future extension of its current six runways up to 12 runways, as priority is located on land acquired by TRIP II Fairy Simple or through an easement agreement with the local airport authority. A typical section of greenway is 250 feet wide and offers future potential for widening the track. The Greenway was privately funded and built from 1993 to 1995 and entered into an initial agreement for operational responsibility to be returned to the Commonwealth of Virginia in 2036. To finance the Greenway, the Limited Private Partnership, TRIP II set up $40 million in equity and secured $310 million in taxable debt placed by the private sector. Ten institutional investors led by CIGNA Investments, Prudential Power Funding Associates and John Hancock Mutual Life Insurance Company provided $258 million in long-term fixed-rate bonds (due in 2022 and 2026). Three banks (Barclays, NationsBank and Deutsche Bank AG) have agreed to provide part of the construction financing and $40 million in revolving loans. The loans were to be repaid with toll revenue and the financing was secured by a first mortgage and a guarantee right on the developer`s right, title and interest in the facility. TRIPS II was still facing financial challenges and restructured its debt in 1999 and agreed to extend the project. In 2001, the Virginia State Corporation Commission (SCC) extended the duration of the TRIP II concession by 20 years until 2056. In September 2004, peak variable rates and reduced point rates were introduced outside peak periods to better cope with congestion during peak hours.
ADI II, a limited partnership, owns the greenway operating concession until February 15, 2056. At the end of August 2005, Macquarie Infrstructure Trust (MIG) entered into an agreement for the acquisition of an 86.7% economic stake in TRIP II, which included 0.1% through a 100.0% direct stake in the complementary company responsible for the day-to-day management and operation of the concession. The legislation allows for applications to be made for changes to the toll ceiling by the concessionaire, the third party or the SCC itself. The refinancing of TRIP II in 1999 – AAA bonds in the amount of $332 million, which replace all outstanding agreements, were secured and included by MBIA: Layne points out that the state is bound by contracts concluded under the initial public-private concession contract. . . .