Rendell Announces Turnpike Bid
A Spanish company and a unit of Citigroup have teamed up to submit the largest bid for the right to lease the Pennsylvania Turnpike for 75 years. The bid is $12.8 billion — $700 million more than their nearest competitor. Governor Ed Rendell said he was "strongly in favor of it," but the Legislature must approve any deal.
He predicted the deal would generate an average of $1.1 billion a year for roads, bridges and mass transit in the first 10 years. If the deal goes through, the state would almost certainly abandon plans to introduce tolls to Interstate 80.
He predicted the deal would generate an average of $1.1 billion a year for roads, bridges and mass transit in the first 10 years. If the deal goes through, the state would almost certainly abandon plans to introduce tolls to Interstate 80.
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Comments
If my math skills are up to date, thats 11 Billion in 10 years and 1.8 billion for the next 65 years.
With inflation going as it is now, that may be a quick fix for the time being, but how much are our kids and grandkids going to have to pay as this slum landlord reaps the returns for 65 years and lets the turnpike turn into a gravel road.What's next, the Governor's mansion? How about Route 6? Or maybe the Allegheny River? Where do we go when these foreign entities kick us out.????