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Monday, May 19, 2008

Turnpike Lease Details

Details from the Governor's announcement on the winning bid for a Turnpike lease. The complete concession agreement (686 pages) is here.

  • Top Bid: $12.8 Billion
  • Winning Bidder: Abertis/Citi Infrastructure Investors

  • Highest Bid on Monday was $11.26—Best and Final offer on Friday represented $1.5 billion increase
  • Money will be invested with SERS fund
  • Expected to generate $1.1 Billion annually.

  • No tolls on I-80
  • Limited Toll increases
  • Same level of capital investment on Turnpike as current plans
  • Must hire unionized Turnpike workers at current pay for life of current labor contract

This compares with a $5.3 billion implicit bid, or $450 million annually, by the Turnpike Commission under Act 44 for the Turnpike alone.

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