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Funding Transit With Proceeds From Road Privatization

<p>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.</p>
May 24, 2007, 5am PDT | Christian Madera | @cpmadera
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"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."

Full Story:
Published on Tuesday, May 22, 2007 in Philadelphia Business Journal
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