Title: THE PRIVATE SECTOR'S ROLE IN HIGHWAY FINANCE: LESSONS FROM SR 91
Abstract:Ten mile-long toll lanes parallel the most congested portion of the approximately 30 mile-long corridor from Riverside into northern Orange County. In this paper, the authors relate how these once- pr...Ten mile-long toll lanes parallel the most congested portion of the approximately 30 mile-long corridor from Riverside into northern Orange County. In this paper, the authors relate how these once- private lanes of SR 91 provide vital lessons and warnings in private sector highway finance. The SR 91 project benefited from a cash strapped regional government booming with growth, but it ran into controversy over no-compete clauses which prevented widening of the adjacent public lanes. The Orange County Traffic Agency eventually bought the private lanes for $207.5 million, ending one of the nation's most visible private-public freeway partnerships. Simple public-private financing might be the future, the authors state. Private investors would pony up for the road building and reap the tolls, while the public could control alterations or expansions.Read More
Publication Year: 2004
Publication Date: 2004-10-01
Language: en
Type: article
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