(1)(a) The transportation commission shall retain appropriate independent experts and conduct a traffic and revenue analysis for the development of a forty-mile continuous express toll lane system that includes state route number 167 and Interstate 405. The analysis must include a review of the following variables within the express toll lane system:
(i) Vehicles with two or more occupants are exempt from payment;
(ii) Vehicles with three or more occupants are exempt from payment;
(iii) A variable fee; and
(iv) A flat rate fee.
(b) The department, in consultation with the transportation commission, shall develop a corridor-wide project management plan to develop a strategy for phasing the completion of improvements in the Interstate 405 and state route number 167 corridor.
(2) The department, in consultation with the transportation commission, shall use the information from the traffic and revenue analysis and the corridor-wide project management plan to develop a finance plan to fund improvements in the Interstate 405 and state route number 167 corridor. The department must include the following elements in the finance plan:
(a) Current state and federal funding contributions for projects in the Interstate 405 and state route number 167 corridor;
(b) A potential future state and federal funding contribution to leverage toll revenues;
(c) Financing mechanisms to optimize the revenue available for capacity improvements including, but not limited to, using the full faith and credit of the state;
(d) An express toll lane system operating in the Interstate 405 and state route number 167 corridor by 2014; and
(e) Completion of the capacity improvements in the Interstate 405 and state route number 167 corridor.
(3) The department and the transportation commission must consult with a committee consisting of local and state elected officials from the Interstate 405 and state route number 167 corridor and representatives from the transit agencies that operate in the Interstate 405 and state route number 167 corridor while developing the performance standards, traffic and revenue analysis, and finance plan.
(4) The transportation commission must provide the traffic and revenue analysis plan, and the department must provide the finance plan, to the governor and the legislature by January 2012. The department shall provide technical and other support as requested by the transportation commission to complete the plans identified in this subsection. Funds from Interstate 405 capital project appropriations may be used by the transportation commission through an interagency agreement with the department to cover the cost of the plans identified in this subsection.
(5) The department shall conduct ongoing education and outreach to ensure public awareness of the express toll lane system.