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Forum LockedAll the Risk is Yours, Little Taxpayer

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Joined: 06 Oct 2004
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    Posted: 09 Feb 2009 at 12:11pm
This message below sent from PWC delegate Michelle McQuiggley back on 12-20-2005...:

I thought you would like to know that VDOT Commissioner Gregory Whilrey held a press conference this afternoon. Here is information from the News Release:

"Whirley reached his decision to move forward with the Fluor-Transurban proposal after an objective review of the PPTA advisory panel's recommendation and the proposals presented. The panel made its recommendation in November following a series of meetings and a public comment period.

Entering into negotiations sets the stage for a possible partnership between VDOT and the private sector to improve transportation in one of the most congested areas of the country," said Whirley. "Critical to the success of this project is that the private sector is willing to share in the risk of funding the improvement, which otherwise would be practically impossible if VDOT had to rely on traditional funding sources."

I underlined that section because we now know that Transurban is GUARANTEED to make money on this, there is no "risk". Tu/F gets its cut first, then the state gets 1/3 of additional profit minus tax-payer funds given to Tu/F for "excessive" HOV's in the lanes.

Quite a deal we've given the Aussies here, eh mate?

Thank god we weren't negotiating with, say, the Germans.
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