Funding Transit With Proceeds From Road Privatization
A proposed long-term lease of the Pennsylvania Turnpike could provide close to $1.7 billion a year -- funding the state's transit and road needs without the need for additional taxes.
"A long-term lease of the Pennsylvania Turnpike could generate enough revenue on its own to meet public-transit and roads and bridges funding needs identified by the state, according to a report released on Monday.
A lease, which was pitched in Gov. Ed Rendell's proposed state budget and has won little favor with legislators, could raise an estimated $1.7 billion annually. It could also eliminate the need to fund transportation through other sources, including a new tax on oil companies proposed as part of the governor's budget plan.
In an analysis of three transportation funding options conducted by Morgan Stanley & Co., the lease came out on top, the governor said."
"With a June 30 budget deadline looming for the state general budget, the Port Authority, SEPTA and many state transit agencies, legislators are still at work on finding a solution to the state's transportation funding needs."
- Login or register to post comments
- Email this page
Related News Stories
Pennsylvania Leases Turnpike To Private Consortium For $12.8 Billion - May 20, 2008
Video: Amtrak Ridership Soars - Feb 14, 2008
Activist Building Support For Philadelphia Bike-Sharing Program - Jan 20, 2008
Pennsylvania Toll Road Plan Hits Wall - Dec 17, 2007
Pennsylvania Struggles With Turnpike Plans - Jun 05, 2007








Leasing the PA Turnpike
Will the lease pay the same irregardless of how many tolls the private company collects? What happens if rising gas prices reduce the number of trips, and tolls, and the company defaults?