NJ Gov Corzine defers Turnpike reorganization to after Nov elections

New Jersey Governor Jon Corzine has deferred the detailing of proposals for reorganization of the New Jersey Turnpike until after the November elections, according to the Star-Ledger newspaper. Under the headline "Corzine puts Turnpike Sale on the shelf" they report that the governor is concerned that introducing a complex "monetization" could "foul the political waters" for Democrat candidates and set the scene for a partisan fight that could block the passage of enabling legislation.

They also say that federal legal and tax issues bearing on a deal remain to be clarified.

State Treasurer Bradley Abelow is quoted: "It's exquisitely complicated. It's something that has never been done before. Before we can take it public we have to have a plan that we can explain to people. That could take weeks or months."

Abelow is quoted as saying: "This is huge, We have to get it right. You don't get two bites at this."

Report to come here of public sector monetization

We've been given a copy of a detailed proposal by a finance group arguing against a private concession/lease and showing how $30 billion can be raised keeping the Turnpike under public sector control.

This may be the kind of proposal Gov Corzine's people are working on.

Watch this space. Report being worked on.

TOLLROADSnews 2007-06-22