The TIFIA program’s first foray into transportation P3s with the South Bay Expressway project came to a close in November 2017, when the San Diego Association of Governments (SANDAG) issued $194 million of debt to refinance the project. The expressway experienced many challenges including completion delays, construction-related litigation, unrealized traffic and revenue growth, and ultimately, bankruptcy. However, DOT remained optimistic in the road’s long-term potential and with the refinancing realized approximately full repayment with interest of its original investment. This stands in contrast to other investors who exited the transaction at a loss following bankruptcy and highlights how TIFIA’s role as the patient investor paid off.