Details from the Governor’s announcement on the winning bid for a Turnpike lease. The complete concession agreement (686 pages) is here.
- Top Bid: $12.8 Billion
- Winning Bidder: Abertis/Citi Infrastructure Investors
- Highest Bid on Monday was $11.26—Best and Final offer on Friday represented $1.5 billion increase
- Money will be invested with SERS fund
- Expected to generate $1.1 Billion annually.
- No tolls on I-80
- Limited Toll increases
- Same level of capital investment on Turnpike as current plans
- Must hire unionized Turnpike workers at current pay for life of current labor contract
This compares with a $5.3 billion implicit bid, or $450 million annually, by the Turnpike Commission under Act 44 for the Turnpike alone.