In 1990, when Caltrans’ leadership embraced P3s, the state negotiated a 35-year toll concession with California Private Transportation Co. (CPTC—Kiewit/Cofiroute/Granite) to build 10 miles of median lanes on SR 91 in Orange County, Calif. This was the first congestion-priced toll road in the U.S, and the world’s first managed lanes project. There was no toll regulation. Rather, the franchise capped the base return on investment (weighted average debt + equity) and included an incentive return for maximizing people throughput via buses and multi-occcupant vehicles.