Chinese investors sign up to fund I-95-Pa. Turnpike link

Philly.com ^

[Phillyred]

Chinese investors have begun signing up to spend $500,000 each to help pay for a long-awaited connection between the Pennsylvania Turnpike and I-95. In exchange, the investors hope to get permanent residency in the United States for themselves and their families. Agents for the novel financing plan have been pitching the proposal in China since September, touting the project's financial stability and showcasing photos of Gov. Corbett and Turnpike Commission officials breaking ground for the construction in Bucks County. "Guaranteed by U.S. Government, Class A+ Repayment Credit!" proclaimed the Chinese-language website promoting the investment last month. "A key expressway-connecting hub project in U.S.A.!" (The website language has been toned down following inquiries by The Inquirer, to remove suggestions of government guarantees for investors. Now, the site says, "Pennsylvania Turnpike Commission enjoys an A+ rating," a reference to the Standard & Poor's rating on turnpike revenue bonds, which aren't involved in this financing plan.) More than 100 investors have applied so far to invest in the I-95/turnpike connection. The Turnpike Commission is counting on 400 wealthy foreign investors, mostly from China, to provide $200 million for the $420 million project. The rest of the money will come from federal and turnpike funds. The heavily indebted Turnpike Commission is borrowing the $200 million from foreign investors under the federal Immigrant Investor Program that grants "EB-5" immigration visas to foreigners who provide at least $500,000 to U.S. projects that create 10 or more American jobs. The deal offers something for everyone: The turnpike will get cheap money, saving about $35 million over traditional borrowing costs over five years. The turnpike will pay a 2 percent annual interest rate, about half the current rate for municipal-bond borrowing. The foreign investors and their families will get a quick path to legal residence in the United

[Boiler Plate]

The Jersey Turnpike is I95 north of Allentown, NJ. I95 merges with I195 and again with I295 then goes around Trenton into PA. It then crosses the Delaware River and becomes I95 again. I95 then crosses I276(PA turnpike) near Hulmeville PA, but there is no interchange.

[9YearLurker]

It is an incredibly confusing stretch for anyone driving through who is not familiar with just what you describe.

[PIF]

Pennsylvania Turnpike Sold To The PLA.

Because Pennsylvania has to spend so much money of social programs, it is deemed unfeasible to build our own highways with the dwindling taxes collected. Therefore, be it resolved that the offer by Chinese “investors” wholly or partly owned by the China’s Peoples Liberation Army is accepted.

Stupid is as stupid does ...

[Boiler Plate]

Google Maps.

[9YearLurker]

Yeah, but for a couple thousand miles otherwise, there’s no need for Google maps simply to drive up or down 95.

[bert]

I would suggest they have money because they are Chicaps

[Boiler Plate]

There are a lot of alternate routes all the way up and down 95, especially around the big cities and if you want to avoid tolls.

[Tolerance Sucks Rocks]

With all the taxes and tolls there is no money to build a road?

It's the price of easy money . . . it makes sh!t expensive!

[scrabblehack]

But the story says I-95 and the turnpike.

The only thing I can figure is that they want a new exit on the Pennsylvania branch of I-95 (currently there are exits at 352 and 358 on the turnpike - this would be a new exit at roughly mile 356)....also there are exits at mile 40 and 44 of I-95 - the new exit would be at roughly mile 41.

This is just a guess on my part.

The PA turnpike and the New Jersey branch of I-95 are already connected.

[Mannaggia l'America]

The only thing I can figure is that they want a new exit on the Pennsylvania branch of I-95 (currently there are exits at 352 and 358 on the turnpike - this would be a new exit at roughly mile 356)....also there are exits at mile 40 and 44 of I-95 - the new exit would be at roughly mile 41.

This project gives a direct connection from the PA Turnpike onto I-95, where they cross. Otherwise, you need to take the PA Turnpike onto the NJ turnpike, which becomes I-95 but not until north of exit 6 - the entire NJ turnpike is not I-95. (Where the PA and NJ turnpikes meet, the NJ turnpike is not I-95 at that point - it doesn't become I-95 until several miles north.)

When I-95 was built, there were plans for an interchange with the PA turnpike, but at that time (1969) federal funds were not permitted to be used to connect an interstate highway to a toll road. That is no longer the case.

So what currently happens is that people exit the PA turnpike onto local roads, then pick up I-95 in Bucks County. Or vice versa - if you want to take I-95 north and then go west on I-276 (PA turnpike), you have to exit onto local roads then pick up the turnpike miles later.

I-95 is also disjointed in NJ. Going north on I-95 (forget the turnpike), it just "ends". You go onto local roads, and then pick it up again. This is part of a larger project to make I-95 continuous.

[scrabblehack]

I suppose for historical reasons both branches are I-95. Although the New Jersey branch looks to be the “parent” route;
the Pennsylvania branch completes the I-295 loop (so it could be called I-295) although it is arguably a spur so it could get an I-x95 where x is odd.

Interestingly I-95 splits in New Jersey again between Ridgefield NJ and Newark NJ, with both branches called I-95. One ought to be I-x95, where x is an even number other than 2.