- a 75-year concession term;
- a single upfront payment from the winning bidder;
- no non-compete clause, nor any provision for the concessionaire to seek compensation for reduced toll revenues resulting from the currently-unplanned construction or upgrade of nearby competing transportation facilities;
- concessionaire would be allowed to increase toll rates by 25% initially and thereafter by an annual inflation adjustment (either 2.5% or the rise in Consumer Price Index, whichever is greater);
- concessionaire will be held to some 500 pages of operating and safety specifications; and
- no restrictions on foreign bidders.
Terms of Potential PA Turnpike Lease Announced
Governor Rendell's office released the terms of a Pennsylvania Turnpike concession yesterday. Highlights include: