Thursday, May 22, 2008

State Senator Advises Against Turnpike Lease

State Senator Sean Logan, a democrat from Allegheny County, stands firmly against Governor Ed Rendell's proposal to lease the Pennsylvania turnpike to Spanish firm Abertis. Logan released a report today detailing the amount of money Pennsylvania would benefit from the agreement. His projections are much lower than those of Governor Rendell. Senator Logan says even the $12.8 billion bid for the lease is misleading, and that when old debt and prior investments are factored in, the state will make much less than what Rendell suggests. Senator Logan estimates that if the state even earns 8.5% on its investment and adheres to its scheduled budget plan, it would deplete its initial investment in just 16 years as opposed to the 75-year term of the lease.

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