The 42.94-mile (69.11 km) road is coupled with I-694 (which circles the northern edge of the Twin Cities metro area) at each end and composes more than half of the major beltway of the region.

With the most recent expansion completed in November 2016 in Plymouth, I-494 is now at least three lanes in each direction for its entire route.

A major reconstruction/widening project of I-494 was completed in late 2006 between US Highway 212 (US 212)/MN 5 in Eden Prairie and Carlson Parkway at Minnetonka–Plymouth.

Expansion of the Wakota Bridge between Newport and South St. Paul over the Mississippi River was completed in mid-2010.

In 1988, the cities of Bloomington, Eden Prairie, Edina, Minnetonka, and Richfield joined to address traffic congestion and work toward improving I-494.

The organization's mission is to promote economic growth and regional prosperity through improved transportation options along the highway, such as carpooling and bus transit.

The organization's board of directors consists of representatives from each of the five member cities, MnDOT, the Metropolitan Council, and the private business community.