Angie Schmitt and Payton Chung have created a three-part series on the Indiana Toll Road and how its example informs the use of private finance to build and maintain highways.
The first article details how the high profile bankruptcy of the Indiana Toll Road (back in September) came amidst "excitement about an 'emerging market' in privately-financed American road-building…" The article details the signs that should have indicated trouble ahead for the road as well as the potential fallout from the bankruptcy (which has since been resolved by a bankruptcy court).
The second article examines how Australian firm Macquarie manages its infrastructure assets. Macquarie was one of two firms who bought the Indiana Toll Road in 2006 for $3.8 billion, which at the time was the largest infrastructure privatization deal in U.S. history. Unrealistic projections and highly leveraged financing package meant the company quickly racked up debt on the deal, but the article explains how Macquarie still managed to make money off the project.
The third article examines the faulty traffic projections that pave the way for bad projects as well as some of the costs paid by public as a result of bad investments. Infrastructure financing and construction firms, according to the article, have financial reasons to inflate traffic projections, which has lead to unnecessary highway construction all over the country.
Read the full story: The Indiana Toll Road and the Dark Side of Privately Financed Highways
Tolls vs Taxes and the State of the American Highway
Making up only seven percent of U.S. interstate miles, the future of toll roads is bright according to Brooking's Robert Puentes and Diane Rehm's other guests in a 52-minute, wide ranging discussion on gas taxes, toll roads, and privatization.
No Shortage of Investors Lining Up to Operate Bankrupt Toll Road
Many were surprised when the Indiana Toll Road's operator declared bankruptcy on September 22. Just as surprising may be all the interest by global investors in bidding to replace the bankrupt Australian-Spanish consortium as the new operator.
Another (Surprising) Toll Road Bankruptcy
It wasn't supposed to go this way. When Indiana leased the state's namesake, but failing, 157-mile toll road for $3.8 billion to an Australian-Spanish consortium in 2006 for 75 years, analysts predicted a handsome return for investors.
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