not-for-profit

As they warned last fall the Greenville Southern Connector (GSC) tollroad defaulted on debt service due January 1. They are now in discussion with creditors as to who takes the losses, and how they reorganize the toll operation in Greenville SC - located on I-85 midway between Atlanta GA and Charlotte NC.

A statement released by the operator, Connector 2000 Association says:

Our report on the proposal for a tollroad between the Wiregrass region of southeast Alabama and I-10 in the Panhandle of Florida - we dubbed it the Wiregrass Turnpike - has been picked up by local critics based on a short comment at the end on the history of Not-For-Profit (NFP) tollroads. They are quoting TOLLROADSnews as saying it has been a disaster.

Ed Holman a Washington County FL commissioner is one who misinterpreted our comment.

It's hard slogging for promoters of a spur tollroad off I-10 in the Florida panhandle to the Wiregrass region of southeast Alabama. This week in Washington County Florida where it was planned to connect with I-10, county commissioners voted 3 to 2 against support for the project.

There's much sound and fury surrounding the proposed road and finger wagging about the secrecy of the promoters, and the "lack of information."

The Greenville Southern Connector (GSC) is on offer to patient investors. As a not-for-profit (NFP) tollroad financed with conventional fixed interest bonds it is inexorably going broke. Last summer the Connector 2000 Association (C2A) was approached by an investor group (identify still undisclosed) with a proposal to take over the ailing non-profit, says general manager Peter Femia.

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