Turnpike monetization plan

NJBIZ at 25: Failed Projects

NJBIZ STAFF//December 19, 2012//

Turnpike monetization plan

NJBIZ at 25: Failed Projects

NJBIZ STAFF//December 19, 2012//

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Forget the business with Carla Katz and the government shutdown — the storyline voters remember best about Corzine was his ambitious plan in 2008 to monetize the state’s toll roads, and add tolls to Route 440, to pay off outstanding debt. The plan involved a leasing agreement for the Turnpike, Parkway and other toll roads, in…Forget the business with Carla Katz and the government shutdown — the storyline voters remember best about Corzine was his ambitious plan in 2008 to monetize the state’s toll roads, and add tolls to Route 440, to pay off outstanding debt. The plan involved a leasing agreement for the Turnpike, Parkway and other toll roads, in which the state would get about $40 billion to allow a quasi-public company to operate the roads. That company would also get the right to raise tolls by 50 percent, plus inflation, every four years. The outrage was swift and decisive — protests at town hall meetings pushing the plan were out of hand enough to lead to arrests, including that of perennial gubernatorial candidate Steve Lonegan, and voters ran Corzine out of town the next year.

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