Ohio Governor Won't Lease Turnpike

Ohio Gov. John Kasich plans to propose raising $1.5 billion for highway projects with Ohio Turnpike bonds while preserving the toll way as a public entity, state lawmakers briefed on the plan said. The proposal means the Ohio Turnpike won't be sold or leased to a private operator. 

For a couple years, the governor entertained the idea of selling or leasing the turnpike to a private investment company for an upfront amount of cash. The plan drew significant criticism for many reasons but among them the long-term lease would have given control of toll rates to a for-profit company instead of elected officials. The governor's new plan would generate transportation dollars by borrowing against future tolls on the 241-mile highway that runs across northern Ohio. Kasich said the bulk of the money — about 90 percent — would be spent on projects north of U.S. 30.

 

Digital-Tablet-With-Clipping-P-28426844.png

This article originally ran in NATSO News Weekly (NNW), NATSO's member only weekly electronic newsletter. NNW is packed with the latest updates on government and business issues affecting the truckstop and travel plaza industry.

If you aren't reading NNW, you are missing out. Not a memberJoin today or submit a request to receive additional information. If you are a member and not receiving NNW, submit a request to be added to the email list.

NATSO

NATSO and the NATSO Foundation provide the most relevant, trusted and up-to-date news and trends affecting the truckstop and travel plaza industry.More
Source:
NATSO News Weekly (NNW)

Tell Us What You Think

Back to Highway & Transportation