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« R.I. records first case of rabies in a coyote | Today | Group protests proposed RIte Care cuts / Photo » December 12, 2007Update: Facing deficit, bridge authority explores revenuePROVIDENCE -- Investment bankers have approached the state Turnpike and Bridge Authority about the possibility of buying the Pell and Mount Hope bridges, officials said today. Meanwhile, the authority made public a consulting study saying it faces a long-term $200-million-plus deficit, brought on by the likelihood that its principal revenue source, tolls, won't keep up with the costs of maintaining the bridges. Authority Chairman David A. Darlington said the two developments aren't related, and that the authority has no intention of trying to cover the deficit by selling the bridges. He also said that the possible sale of the bridges "don't appear to be realistic projects." But he said that if the right proposal came up, he would put it before the governor and the General Assembly. To deal with the deficit, which would add up over 20 years, the authority is also facing a decision on whether to raise its tolls for the first time in nearly 40 years. -- Journal staff writer Bruce Landis with reports from Journal staff writer Steve Peoples Darlington said that major investment banking companies have approached the authority, and that authority officials have met with representatives of several of them. However, he said, those discussions never went beyond one meeting with each company before the companies lost interest, apparently because the authority's revenues and other financial factors made the potential deals unattractive. In the consulting report, the authority discussed financial difficulties it is likely to experience during the next 20 years in paying for the upkeep of its bridges. The authority has been able to keep its bridges in good condition because it has a steady stream of revenue from tolls. But the study, by PB Consult Inc., says that unless it finds new revenue, its income will fall behind its revenue, requiring an extra $223 million between now and 2027. The study's suggestions range from toll increases to farming out all of the authority's operations and maintenance work to private companies. Posted by Jack Perry CommentsBob | December 12, 2007 2:56 PM link "Authority Chairman David A. Darlington said the two developments aren't related, and that the authority has no intention of trying to cover the deficit by selling the bridges." Of course not because without those bridges what do we need the Bridge Authority for? That Job Cow could be killed off. Just sink the Mt Hope Bridge. Its under construction all summer during heavy traffic periods year after year after year. When the cold weather rolls around the construction stops. Bob | December 12, 2007 4:46 PM link David Darlington is THE MAN. I just that luv that guy. He got me a license plate when he was with Almond. He's just super. I believe he will do the right thing. Go Dave!!! Joseph | December 12, 2007 8:44 PM link Post a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006
Sell the Mt Hope Bridge? Theres only one lane open except at night and during the worst weather in the winter. Its always being repaired.
Just blow it up and turn it into a reef. Maybe that'll help keep the LNG out of the area.