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Blackwell: Lease Turnpike to Create $4-6 Billion Job Development Fund
Ohioans for Blackwell ^ | 1/26/06 | Gene Pierce

Posted on 01/31/2006 9:47:06 AM PST by RockinRight

“Must Use Every Resource Available to Create Jobs”

(Columbus, January 24, 2006) Secretary of State Ken Blackwell today announced a dramatic new plan to boost Ohio’s economy by leasing the Ohio Turnpike to private investors and creating the JOB Fund (Jobs for Ohio Businesses) with the proceeds. Based on recent similar leasing arrangements for the City of Chicago and the State of Indiana toll roads, Blackwell’s proposal should generate $4-6 billion for investment in economic development across Ohio.

“Recently published reports indicate Ohio has dropped to 47th nationally in job creation,” said Blackwell. “As our economy continues to falter, we can no longer rely on business as usual. We must innovate. We must take risks. Ohio must use every resource available to create new jobs.”

“This proposal will allow an unprecedented push for economic development without depleting funds needed for other state services,” Blackwell said.

Funds generated would be used for broad categories of economic development including the following:

*

Ohio energy development including alternative and clean coal resources as well as conservation and efficiency improvements *

Ohio Venture Capital Fund *

Revolving development loan fund *

Turnpike corridor development *

Transportation infrastructure *

Universal Broad Band access *

Higher education scholarship fund for engineering, technology and science students *

K-12 science and math program support *

Technology specific worker training

Lease of the turnpike would require legislative action to authorize the transaction after an open bidding process. “By soliciting bids and segregating the proceeds, we can provide for market driven development activity free from political influence,” he said.

“Nothing is more important to the future of our state than the creation of jobs,” Blackwell concluded. “We must do everything we can to restore economic opportunity and hope to the families and communities of Ohio.”

Final details of the plan would be resolved in consultation with the Ohio General Assembly.


TOPICS: News/Current Events; US: Ohio
KEYWORDS: blackwell; breakingnewsabuse
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Interesting idea...

Ken Blackwell for Ohio Governor 2006

1 posted on 01/31/2006 9:47:09 AM PST by RockinRight
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To: Sister_T; Dane; nascaryankee; YoungCurmudgeon; Mr. Thorne; Kerretarded; Dr. Free Market; ...

Blackwell ping!


2 posted on 01/31/2006 9:47:56 AM PST by RockinRight (Attention RNC...we're the party of Reagan, not FDR...)
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To: RockinRight

Turnpike toll takers are usually the epitome of union make-work jobs. Swannie should take a look at this idea for Pennsylvania. The PA Turnpike tolls are insane.


3 posted on 01/31/2006 9:50:12 AM PST by AmishDude
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To: RockinRight

I think this kind of arrangement is going to become more common in the future. Privatizing roads like this allows them to be built and operated more efficiently without creating the kind of bureaucratic mess that you often get with toll authorities.


4 posted on 01/31/2006 9:50:41 AM PST by Alberta's Child (Leave a message with the rain . . . you can find me where the wind blows.)
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To: RockinRight

Ken Blackwell will be one of the best governors in the USA if he wins.


5 posted on 01/31/2006 9:50:47 AM PST by Clintonfatigued (Sam Alito Deserves To Be Confirmed)
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To: RockinRight

I don't understand. How can there be anything to lease? The tolls on the Turnpike ended, just as the state promised, when the construction bonds were paid off in the 1960s, right?

Right?

*crickets*


6 posted on 01/31/2006 9:55:02 AM PST by SedVictaCatoni (<><)
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To: AmishDude

OH's have gone up a lot recently, too.

It's a good idea. Blackwell's gonna make a great governor...then perhaps we'll be talking about his Presidential campaign in 4 or 8 years!


7 posted on 01/31/2006 9:55:16 AM PST by RockinRight (Attention RNC...we're the party of Reagan, not FDR...)
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To: RockinRight

Bad idea, if running the turnpike is such a money making proposition then the state should learn to run it more efficiently and reap those gains. There's no reason to have a private venture make a profit on a road that tax payers already paid to build.


8 posted on 01/31/2006 9:56:34 AM PST by Bikers4Bush (Flood waters rising, heading for more conservative ground. Vote for true conservatives!)
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To: Clintonfatigued

You wanna know what would REALLY piss off the libs?

Governor Blackwell, Governor Swann, and Senator Steele!


9 posted on 01/31/2006 9:56:52 AM PST by RockinRight (Attention RNC...we're the party of Reagan, not FDR...)
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To: Bikers4Bush

I think the idea is that a for-profit, private enterprise will be a heck of a lot more efficient than a governmental one.


10 posted on 01/31/2006 9:57:50 AM PST by RockinRight (Attention RNC...we're the party of Reagan, not FDR...)
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To: RockinRight
This is the same turnpike that was going to have its tollbooths removed as soon as it was paid off, right? The proper thing to do would be to stomp on Governor Taxt's plan on keeping it a toll road and just make it a normal freeway.

It's too far away for me to drive on, so it's tolls don't affect me one way or another. I just hate being lied to by the government.

11 posted on 01/31/2006 10:01:51 AM PST by KarlInOhio (During wartime, some whistles should not be blown. - Orson Scott Card)
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To: RockinRight

So we should reward the state for it's inefficiency by allowing it to lease a road that we've already paid for to a company that intends to make a profit off of those traveling on the road? I don't think so.

Leasing public assets to private enterprise is a bad idea. There's no guarantee that any money will be used to maintain the toll road which means that they could let it go to hell and then just run with the $ at the end of the lease leaving us to pay for it to be repaired.


12 posted on 01/31/2006 10:03:44 AM PST by Bikers4Bush (Flood waters rising, heading for more conservative ground. Vote for true conservatives!)
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To: RockinRight
One only has to take a short spin on most of Illinois' toll road to realize the ripoff that they are. (i.e. if your car survives the trip.)

They collect billions/year here but can't seem to keep the asphalt on the road (and don't give that "it's weather crap either")
13 posted on 01/31/2006 10:03:52 AM PST by yobid (What we have here is a failure to communicate)
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To: KarlInOhio

Perhaps if he does this plan, do it for maybe three years, then turn it over to a regular highway.


14 posted on 01/31/2006 10:05:13 AM PST by RockinRight (Attention RNC...we're the party of Reagan, not FDR...)
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To: KarlInOhio

Exactly. The toll booths should have been dismantled long ago and now they intend to turn it into a profit center for a private business.

It's outrageous.


15 posted on 01/31/2006 10:05:13 AM PST by Bikers4Bush (Flood waters rising, heading for more conservative ground. Vote for true conservatives!)
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To: RockinRight
You wanna know what would REALLY piss off the libs?

Governor Blackwell, Governor Swann, and Senator Steele!

I'm going to have to buy some Nabisco stock. Oreo sales will skyrocket because the libs will be throwing them at these fine men (but don't you dare claim that the libs are racist, oh no!).

16 posted on 01/31/2006 10:08:13 AM PST by KarlInOhio (During wartime, some whistles should not be blown. - Orson Scott Card)
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To: RockinRight

"without depleting funds needed for other state services"

come on blackwell, please deplete the funding of other state 'services'


17 posted on 01/31/2006 10:17:12 AM PST by kpp_kpp
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To: RockinRight

Gov. Daniels has proposed this in Indiana. There's a huge debate going on right now because a foreign firm won the leasing bid. Blackwell must be watching his neighbor next door and taking some lessons.


18 posted on 01/31/2006 10:25:11 AM PST by raisincane (Dims think we're all oblivious to the obvious)
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To: Bikers4Bush
A road is never "paid off," just as a home is never "paid off."

The capital cost of building a road or a home can be paid off over time, but roadway rehabilitation, maintenance, and upgrades are recurring expenses.

It's also worth noting that much of the U.S. Interstate Highway System is reaching its 50th year of operation, which means it has basically run its course in terms of its functional life -- and therefore must be rehabilitated or replaced over time.

There's no guarantee that any money will be used to maintain the toll road which means that they could let it go to hell and then just run with the $ at the end of the lease leaving us to pay for it to be repaired.

True, but that is the case on toll roads today -- and yet with few exceptions, toll roads are generally kept in a far better condition than their "free" counterparts.

19 posted on 01/31/2006 10:28:33 AM PST by Alberta's Child (Leave a message with the rain . . . you can find me where the wind blows.)
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To: Bikers4Bush
Leasing public assets to private enterprise is a bad idea. There's no guarantee that any money will be used to maintain the toll road which means that they could let it go to hell and then just run with the $ at the end of the lease leaving us to pay for it to be repaired.

Two things:

First, if you had a 99-yr lease on the turnpike, would you let it fall into disrepair? Of course not. It would be like any other business, if you're running it for your own profit, you maintain it.

Second, as to your premise that leasing public assets to private business is a bad idea. If there is a need for something like the JOB program that Blackwell describes -- and Ohio could sure use a dose of something -- then there are two ways to fund it: a.) raise taxes or b.) liquidate an asset.

The one should be DOA, I trust. Thus, you start looking for assets to liquidate...

20 posted on 01/31/2006 10:42:18 AM PST by okie01 (The Mainstream Media: IGNORANCE ON PARADE)
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