Then we read a recent article from the Fort Worth Star-Telegram (via the TURF website) in which this Spanish company may default on the toll roads being built in Indiana. WHAT happens then? WHO pays? YOU guessed it. YOU do. Tolls not included.
So, let's see, if the toll roads have "lower toll revenue than originally forecast" (or projected by those trying to sell the project), the taxpayers end up paying for it twice? Did anyone else just hear the words Trinity River Vision?
Cintra, the Spain-based company that leads a team operating the Indiana Toll Road, has used up most of its rainy-day fun and is running out of money to pay debt. The shortfall is the result of lower traffic -- and lower toll revenue -- than originally forecast, according to financial news reports.
Cintra and its partners are also building the $2.1 billion North Tarrant Express, which involves the reconstruction of Loop 820 and Texas 121/183 in Northeast Tarrant County. Cintra is also the lead partner in the LBJ Express, which includes the expansion of Interstate 635 in Dallas.
With a default, the project could return to the state, which means that taxpayers and motorists could be left with an unfinished road, according to a Star-Telegram review of the state's contract with the North Tarrant Express developer. If no other developer could be found, public money would be needed to complete whatever portion of the 52-year project wasn't finished.
No comments:
Post a Comment