sandag

Sale of the South Bay Expressway tollroad (CA125) to the San Diego Association of Governments (SANDAG) went to financial close at the multi-city/county agency offices December 21 and SANDAG officially became the owner and operator of the facility today (Dec 22). Purchase price was $341.5m and SANDAG bought from the financial institutions left with its residual value after a bankruptcy last year.

SANDAG (San Diego Association of Government) is finalizing a deal to buy the bankrupt South Bay Expressway (CA125) with a strategy of lowering tolls to attract more traffic away from the crowded 805 freeway that runs parallel.

The San Diego Association of Governments (SANDAG) is buying the South Bay Expressway from the post-bankruptcy South Bay Expressway LLC for $345m, about two-thirds what it cost to build.

The SANDAG board agreed in principle to the purchase Friday but will discuss financing of the purchase at their next meeting scheduled for August 26. There have to be public hearings and a final decision by about November.

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