Updated information on the potential Turnpike lease

As the information continues to become available there are some more key statistics in regards to the potential Turnpike lease.

From the Philadelphia Inquirer:

Under Rendell's plan, the Abertis/Citi consortium would lease the turnpike for 75 years with the right to raise tolls 25 percent next year and 2.5 percent, or the rate of inflation, every year after that.
Rendell called the lease plan "a very good deal for Pennsylvania drivers and taxpayers," and said it would mean about $1.1 billion per year for road, bridge and transit projects, on average, over the next 10 years.
Under terms of the lease, the private operator would be required to maintain and improve the turnpike and to honor existing labor contracts until they expire. At that point, employee unions would need to negotiate new contracts with the Abertis/Citi consortium.
If approved, the turnpike lease would mean the end of embattled efforts to toll I-80 as a way to raise transportation funds. And it would mean the effective end to the 70-year-old Turnpike Commission, the politically powerful agency that operates the toll road.
To generate $1.1 billion, Rendell said the lease money would be invested with the Pennsylvania State Employees' Retirement System. He said the administration expected to earn 12 percent a year, which Rendell said was the average return for SERS over the last 20 years.
The actual payment would vary each year, depending on how much the investment actually generated, since the 12 percent projection is based on the average of the last 20 years and might be higher or lower over the next 75.
The total bid would be reduced by about $2.3 billion necessary to assume existing turnpike debts and other obligations, leaving about $10.5 billion to be invested, according to the administration's calculations. To read the full article click here...