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Pennsylvania Turnpike * USA - Learning From Pa.'s Failure To Lease
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Philadelphia,PA,USA -The Philadelphia Inquirer, by Paul Nussbaum -25 March 2009: -- The Pew Center on the States has issued a report analyzing the failed attempt to lease the Pennsylvania Turnpike last year and offering a set of lessons learned that could help guide similar future efforts... Gov. Ed Rendell's planned 75-year, $12.8 billion lease of the turnpike fell apart in the fall due to legislative resistance, and a spokesman for the governor said he will not propose another turnpike lease. Pew says several lessons can be learned from Pennsylvania's mistakes: the enabling legislation should be passed first; there should be a description of how the money will invested and how the operator's performance will be monitored; the public and legislature should be involved in a transparent process; specific goals should be defined, such as toll-increase control or maximized income; and the long-term effects on the economy, environment, and future taxpayers should be taken into consideration. Pew also emphasized the importance of realistic financial assumptions, and sharply criticized the assumptions that Rendell relied on, including his prediction of a 12 percent return on investment and $1 billion generated each year for transportation projects...
Labels: leasing roads
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