William Fralin, of the Commonwealth Transportation Board in Roanoke, says the Greenway initiative is an example of the political risk that must always be considered in private-public partnership agreements. The Greenway has seven toll booths, including a main toll (with 18 lanes) and six toll ramps. ETC is available at every toll booth, with 10 dedicated ETC tracks on the main toll line. The greenway is designed to allow for the future extension of six lanes currently to 12 lanes, since the right of priority is on land purchased simply or by a facilitation agreement with the local airport authority through the TRIP II fee. A typical section of greenway is 250 feet wide and offers future track widening potential. The Greenway was privately funded and built from 1993 to 1995 and was first agreed to reinstate operational responsibilities in the Commonwealth of Virginia in 2036. To fund greenway, the private partnership in limited partnership, TRIP II raised $40 million in equity and secured $310 million in private taxable debt. 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) agreed to provide part of the financing for the construction and $40 million in revolving loans.

The loans had to be repaid with toll revenue and the financing was provided by an initial mortgage and security interest for the right, title and developer interest on the facility. Layne points out that the state is bound by contracts with road operators under the original public-private concession contract. But he argues that despite the claims of road owners that they did not make a profit, money was paid to investors. The legislation allows applications to be made to change the toll limit by the dealer, the third party or CSC itself. The refinancing of TRIP II in 1999 – $332 million in AAA bonds, which replaced all current agreements, was provided by MBIA and included: «This is one of the things we saw when evaluating concession agreements in general: they must protect themselves from political risks. That`s what they`re going through right now – someone has voters angry because they think they`re too subject to tolls, and they`re looking at us to relieve that, and I think the analysis is pretty clear that it`s not a good deal for the state,» he said. At the end of August 2005, Macquarie Infrstructure Trust (MIG) entered into an agreement to acquire an 86.7% economic interest in TRIP II, which included 0.1% on a 100.0% direct interest in the General Partner, which assumes day-to-day responsibility for the management and operation of the concession. The main terms and conditions of the agreement between the airport authority and VDOT are listed below: Trip II again posed financial challenges to its debt in 1999 and agreed to extend the project. In 2001, the Virginia State Corporation Commission (SCC) extended the AD II grant period by an additional 20 years until 2056.