SHA Analytics, LLC served as part of the financial advisory team to assist the Illinois Department of Transportation (IDOT) in the evaluation of the I-55 Managed Lanes project for alternative delivery considerations. The I-55 Managed Lanes project proposes to build two express toll lanes in each direction along the I-55 corridor west of Chicago between I-355 in the west and I-90 in the east. This project aims to alleviate congestion and improve mobility and operational efficiency in the corridor. In order to involve the industry and best leverage resources for this important regional project, IDOT is considering alternative project delivery options such as a public-private partnership (P3). 

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There were several alternatives currently considered for the project, each with different cost estimates and risk profiles. SHA Analytics, LLC role on the project was to provide quantitative risk analysis to support the alternative delivery evaluation of the project. Our work  involved participation in the preliminary qualitative risk assessment of the various alternatives being considered. As the project alternatives were further refined, SHA Analytics, LLC worked with IDOT and its technical and financial advisors to conduct a quantitative risk analysis of the selected alternative. Risk assessment and risk transfer are critical components of alternative delivery procurement models. Our approach to quantitative risk analysis allows IDOT to understand the overall magnitude of project risk, as well as the value of retained and transferred risk.