Colorado Department Of Transportation

the funding advancement for surface transportation and economic recovery act (part 8 of article 4, title 43, colorado revised statutes), otherwise known as faster, created the colorado high performance transportation enterprise (hpte), now doing business as the colorado transportation investment office (ctio), in 2009 as an independent, government-owned business within cdot. ctio has the legal responsibility to aggressively seek out opportunities for innovative and efficient means of financing and delivering important surface transportation infrastructure projects in the state. it has the statutory power, among others, to impose tolls and other user fees, to issue bonds, and to enter into contracts with public and private entities to facilitate public-private partnerships (p3s). ctio is an “enterprise” for purposes of section 20 of article x of the state constitution as long as it retains the authority to issue revenue bonds and receives less than 10 percent of its total revenues in grants from the state and local governments. ctio operates as a government-owned business within cdot but is overseen by a separate board of directors that includes external stakeholders from four geographic regions appointed by the governor. since the creation of the enterprise, nine out of 10 ctio projects have used some form of innovative financing. such innovative means of financing projects include, but are not limited to: - public-private partnerships; - operating concession agreements; - user fee-based project financing; and - availability payment and design-build contracting. through express lanes, ctio has helped deliver more than $3 billion in projects in the last five years. in fact, without express lanes as a financing tool, colorado would have had to find an additional $1.27 billion in funds to deliver the projects it delivered as of 2018.

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