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.

1 minute read

May 24, 2007, 5:00 AM PDT

By Christian Madera @http://www.twitter.com/cpmadera

"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: Report says turnpike lease could fund public transit as well as roads needs

Tuesday, May 22, 2007 in Philadelphia Business Journal

Government / Politics Transportation Pennsylvania

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