pennsylvania turnpike

Abertis is better off not having had its $12.8b accepted for the Pennyslvania Turnpike concession, according to a leading European concessions analyst. In an email this morning Steven Fernandez, who follows concession stocks for Exane BNP Paribas says that the deal was generally perceived in European investment circles as too expensive for Abertis' good.

Exane BNP Paribus is a large European securities firm head-officed in Paris.
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Abertis board of directors decided today to let their joint bid with Citi for the Pennyslvania Turnpike lease expire. They had twice previously extended the bid of $12.8 billion from the initial expiry date of June 20 in the hope of getting legislative approval for their deal with Governor Rendell. The deal which would have given the Abertis-Citi group a 75 year toll concession formally expired for lack of enabling legislation 5pm eastern time (09/30 17:00).  read more »

The Abertis-Citi current offer of $12.8 billion for a 75 year lease/concession of the Pennsylvania Turnpike expires next Tuesday Sept 30, and signs are it won't be extended. Last week a senior officer of the two companies was saying that without movement on enabling legislation this month, they were done.
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Here's a commentary from Lowman S. Henry, head of the Lincoln Institute running on Pennsylvania radio on the tolling of I-80 and the future of the Turnpike. We agree much of his general drift, but think he's got a lot of things wrong, so our comments in parentheses make a debate.

Henry's headline: "Wrong Again: Leasing turnpike not only solution to PA's roads and bridge funding woes"
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Following the Federal No to tolling I-80 on Thursday (2008-09-11) Governor Ed Rendell immediately called for enabling legislation to proceed with the agreed lease of the Pennsylvania Turnpike to the Abertis/Citi team which has a $12.8 billion offer in effect until Sept 30. Rendell says "It's the only plan." He says without it the state is back into financial crisis.  read more »

The Pennsylvania Turnpike Commission has received federal approval for plans for the second segment of the three segment of the Southern Beltway, southwest of Pittsburgh. The FHWA record of decision approves the planned location and concept of the 2+2 lane toll expressway after alternatives analysis and public hearings. The approved segment is between US22 and I-79, the purple section in the map.
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The Pennsylvania Turnpike says it is going to be celebrated at the Smithsonian affiliated Heinz History center in Pittsburgh in the city's "Tradition of Innovation" exhibition to open shortly. An announcement from the Turnpike quotes CEO Joe Brimmeier as saying: "We’re proud of the fact that the Heinz Center has invited us to participate in this wonderful display. 236 words  read more »

With the Turnpike Commission's leading legislative patron Vince Fumo and the Turnpike chairman's wife about to star as defendants in federal court on scores of corruption indictments, and other leading figures revealed as 'ghost employees' it might be thought that the state cops would avoid taking sides in the Governor versus the Turnpike Commission. But no, a spokesman for the Pennsylvania Sheriffs Association is weighing in on the side of the perps!
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The prospect of the Pennsylvania Turnpike Commission being put out of business in favor of a concessionaire/leaseholder isn't slowing down the Commission's contracting. They announced today they've awarded a $19m contract to CIBER Inc to do post-implementation support for their SAP business suite of software for finance, logistics and personnel. 210 words  read more »

Drivers used their mobile phones this morning to call police saying there was a "strange thing", "a kind of huge bird" or "an ostrich" walking on the Turnpike near the New Stanton exit east of Pittsburgh.

Local television identified it as an Australian native bird that "can't fly" and between four and five feet tall, and 80pds weight - not much different from a deer in its potential for damage in a collision.
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Pennsylvania Turnpike CEO Joe Brimmeier had this to say in response to yesterday's Commonwealth Foundation "event":

"It is unfortunate when those who cannot prevail on the public-policy debate resort to such negative attacks. This is nothing more than a continuation of a smear campaign that is undeserving of a response.
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Abertis-Citi teamed to run the Pennsylvania Turnpike concession if Governor Rendell gets support from the legislature next month will be releasing a Turnpike reform manifesto next week. Speaking from a car phone on the Pennsylvania Turnpike which kept losing signal - and provoked exasperated curses for the Turnpike's "outdated" technology - the concessionaire's chief lobbyist Jim Courtovich told us the group is releasing a Turnpike reform manifesto. 847 words  read more »

Abertis which is leading the joint venture selected by the Rendell Administration to operate the Pennsylvania Turnpike under a longterm lease concession assesses the score in the state lower house at 47 in favor and 53 against, according to Joe Grata writing in the Pittsburgh Post Gazette. He quotes Abertis US chief Jordi Graells as giving these numbers during a meeting with the newspaper's editorial board.
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The Wall Street Journal whose reporting of the toll business is generally sparse today (pA1 2008-08-26) frontpaged the proposed $12.8b toll concession of the Pennsylvania Turnpike. Reporter Craig Karmin apparently got in to talk to the main champion state governor Ed Rendell who told him that leasing the Turnpike "is a decided underdog."
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The Pennsylvania Turnpike Commission is charging ahead with procurement of toll systems for I-80. They have just issued an request for proposals (RFP) with a deadline just five weeks away. No prebid meetings and qualifying of contractors, just a deadline for questions of Aug 15, and then bids due Sept 15.

"This is a real fast track," said one toll systems guy we asked about it.
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They are huge billboards on private property just off the Turnpike's right of way, impossible to miss driving in on the Turnpike from east or west to the state Capitol - one east, one west and a third smaller one just off I-83 on the spur route into central Harrisburg.  read more »

Pennsylvania Transportation Partners comprising Abertis (58.3%) and Citi (41.7%) have extended their offer to the state of Pennsylvania of $12.8 billion for a 75 year lease of the Pennsylvania Turnpike to September 30. The extension is designed to give the state legislature time to enact enabling legislation in their short Fall session mid-September.
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Pennsylvania's biggest problem in getting permission to toll I-80 may turn out not to be intricacies of federal highway law and regulations, but simply whether the Federal Government should turn over control of a major interstate to a bunch of crooks to make money out of. A local thinktank in the state capital Harrisburg, the Commonwealth Foundation puts this bluntly in a two-page letter from its president Matt Brouillette addressed to James Ray, Federal Highway Administrator. 560 words  read more »

The Pennsylvania Turnpike Commission (PTC) in their long-awaited second shot at getting US permission to toll I-80 have come up with an ingenious new argument about how it qualifies for a federal Yes. 716 words  read more »

Turnpike Commission CEO Joe Brimmeier has declined a challenge from the lease representative Jim Courtovich to debate the lease in public forums. He said in a hand delivered letter to Pennsylvania Transportation Partners that he wouldn't debate because the state legislature would decide the issue.
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