NCDOT Investigating Toll Lanes Bankruptcy
“Toll lane revenues have been historically overestimated by 40-60% ,” said Kurt Naas with Widen 1-77.
Naas with Widen 1-77 says it’s time for Governor Pat McCrory to cancel the 1-77 toll lane project with Cintra.
“For us obviously it’s clear this is a failed business model,” said Naas.
SH 130 Concession Company, which Cintra owns 65 % of filed a bankruptcy petition Wednesday in an Austin court prompting Governor McCrory to send Department of Transportation Secretary Nick Tennyson to Texas to investigate.
“We’re determining whether it has an impact on this project or not, from both legal and management and business model sense, so I’ve instructed my team to review every option available at this point in time,” said Governor McCrory.
North Carolina DOT signed a 50 year contract with Cintra to build toll lanes from Charlotte to Mooresville.
“The toll lanes in Texas were held out as the example of why North Carolina should be doing this, those of us who said it’s a bad example all along have now been vindicated,” said Mecklenburg County Commissioner, Jim Puckett.
And Puckett says though the Texas project doesn’t have a direct impact on our toll lane project, the company’s history is all Governor McCrory should need.
“They have defaulted or bankrupt on a number of these toll roads this one will do it sooner than later, today is the cheapest to get out of it,” said Puckett.
Puckett says he hopes McCrory finally listens to the people he says the toll lanes will impact the most.
“So when you’ve got the citizens, the Attorney General and bankruptcy I think the only prudent thing to do is for North Carolina to cancel the contract,” said Puckett.