A six month old public toll highway authority is just a few weeks away from issuing a request for expressions of interest for a toll concession for the design, finance, construction and operations of Jefferson Parkway a 20km (13 mile) tollroad northwest of Denver. The Jefferson Parkway is a missing link in the '470 beltway' around the Denver area. It will go from CO128 in Broomfield to CO93 at W58Av north of Golden (see map nearby.)
The City of Chicago will reveive an upfront fee of $1,157m for a 75 year concession with a Morgan Stanley (MS) subsidiary for the rights to profits from 36,000 street parking meters. Higher parking fees will be phased in over 5 years. After that fee increases will be subject to City approval.
North Texas Tollway Authority (NTTA) chairman Paul Wageman is quoted: "There is very little or no credit out there right now and the access to the credit markets are almost non-existent." So they are being innovatory.
Feds move to prevent repeat of Pennsylvania's Act 44 - must get market valuation for concession to toll interstateBy Peter Samuel on October 8, 2008
The Federal Highway Administration is moving to prevent repeats of Pennsylvania's attempt to hand I-80 to the state Turnpike for tolling to generate funds for other state projects. Under a proposed formal Rule (Federal Register 73/196 p58908 2008-10-08) state DOTs will be required to obtain a fair market valuation as part of a concession agreement for tolling facilities built with federal dollars.
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.
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).
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.
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.
Two groups submitted proposals Friday for the approx-$1.5 billion upgrades to I-595, south Florida's east-west mega-highway/distributor project. It involves upgrades of the present 8 lane interstate with discontinuous frontage roads to a basic 19 lanes along 17km (10.5 miles) of the highway to a 3/5/3/5/3 lanes format, Texas style.
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.