The deadline passed today for the state of Pennsylvania to accept or reject a proposal by Spanish infrastructure manager Abertis Infraestructuras and Citi Infrastructure Investors for a 75-year, $12.8 billion lease of the Pennsylvania Turnpike.
Rep. Joe Markosek, chairman of the Pennsylvania House Transportation Committee, said there was not enough support in his committee to bring the proposal to a vote before the Sept. 30 deadline set by Abertis. The proposed bid first surfaced in May, but legislative inaction prompted Abertis to extend expiration deadlines twice to keep the proposed deal alive.
An Abertis spokesman and officials at Citi Infrastructure Investors could not be reached by press time.
Mr. Markosek said some estimates value the turnpike at $26.4 billion over the next 50 years. “To offer $12.8 billion is obviously way too low,” Mr. Markosek said.
He said constituents also opposed the proposal because of concerns about turning over a strategic asset to a foreign entity and because Abertis would be relieved of the state requirement of hiring Pennsylvania-based contractors.
