Posted on 04/16/2017 10:13:25 AM PDT by Tolerance Sucks Rocks
More than a year behind schedule, the massive project to add toll lanes to 11 miles of MoPac Expressway is now costing the government agency overseeing construction some of its savings.
The Central Texas Regional Mobility Authority is dipping into its cash reserves to repay some of the $230 million it owes to the Capital Area Metropolitan Planning Organization, the Austin American-Statesman reports.
The agency said once the rest of the toll lanes open — which is now projected to happen June 15, per the Statesman — the revenue collected will solve such cash flow problems. The tolls are expected to generate about $6.9 million in their first year, according to a 2011 study, and about $48 million over five years. But for now, the agency is using its savings to make an initial $2 million payment to CAMPO.
One section of the northbound toll lane, from Far West Boulevard to Parmer Lane, is already open. But the toll revenue it has generated since October is minimal, the Statesman notes — about $20,000 a month.
The CTRMA also had to use $1.7 million from its general fund in January to pay back part of a $5.3 million loan it had borrowed for initial design work.
The MoPac express lanes work was originally projected to be finished by fall 2015. Then, in February 2016, the agency promised all the lanes would be open by November of that year.
Takes longer, costs more, less return. Same story as others
Funny how they these “tolls” will solve everything.
The company that built the first toll road around Austin went bankrupt after less than 2 years in operation. It was a company from Spain so no sympathy there.
The NTTA has some cash cows it can milk to subsidize the unprofitable routes it builds under political pressure.
“...repay some of the $230 million it owes ...”
“The tolls are expected to generate about $6.9 million in their first year, according to a 2011 study, and about $48 million over five years.”
Take into account interest, maintenance, salaries and inflation and it will be actually paid off when?
It’s the Union Way!
It’s the Union Way!
>>Take into account interest, maintenance, salaries and inflation and it will be actually paid off when?<<
When we have interstellar flight as a daily occurrence.
And nobody uses the toll lanes unless need is upon them. And there are places where you have to merge with toll road. If tolls were a half or even a third, folks would be using them all the time and everyone would be happier.
Toll roads are never paid off. They’re expected to generate income forever.
The original toll for an automobile was $1.00 and has since increased to $7.00. All that toll revenue made municipal bond holders very happy with their respective investment decisions. The muni bonds issued for construction were paid off in their entirety in 1971. LINK
Forty-Six years later, the toll to cross the bridge is now..., $6.50 to $7.50, for cars and S.U.V. type vehicles, and much more for other types of vehicles. LINK
It should be noted that the receipts from the Golden Gate Bridge were $129,500,000.00 annually in the 2014-2015 fiscal year. For a bridge paid off in 1971, it's strange that the fees would need to rise by 53.8% since fiscal 2004-2005 ($84,213,000.00), just ten years ago. LINK
Those who think these toll roads/bridges are a great idea need to think long and hard about this.
Answer: These things are never paid off. NEVER!
The charge for the Oklahoma Turnpike going through Tulsa and into Oklahoma City (both ways) has been ongoing for 55 years that I know of.
NEVER!!!!
The citizens of the United States should not have to pay exponentially more for tolls, than it costs for gas to cross our nation, especially since gas taxes are already levied to pay for our roads in the first place.
Tolls amount to double payment for our roads. They are invidious and should NEVER be instituted.
Sounds like the California bullet train
Be happy Texans. They will come for more taxpayer money to make up all short falls
invidious < not intended word > insidious
“In the year 2525 . . .”
What the hell do they do with all that revenue??? It's not as though they would need it all for maintenance and running the two viewpoints and the visitors' center, right? RIGHT???
You do not under stand Toll Road Math........ The answer is NEVER!
A while back I looked at San Francisco revenue.
It listed the Golden Gate bridge as a source.
I didn’t run into that today, but then I didn’t look for it either.
This money is not solely being used for the bridge.
It’s a revenue source for the city, Leftist programs...
Here’s an old Budget Report
Good luck making heads or tales of it.
These things always seem to be provided with the idea that all the information will be provided, so they can say they operated transparently open and above board, in such a way that you’ll have a very hard time of making quick simple sense of it.
How hard would it be to provide this:
Reveue: X
Expenxe: X
Profit/Loss: X
Should take three short sentences max.
“It’s the Union Way!”
No unions.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.