WyBlog

Pssst, buddy! Wanna buy the Goethals Bridge?

Everyone has heard the stories about a rube or 2 who bought the Brooklyn Bridge. But if the Port Authority of New York and New Jersey has its way someone really will be able to buy a bridge. Not in Brooklyn, but in Staten Island.

The Goethals Bridge really is for sale.

The Port Authority of New York and New Jersey, at the limit of its bonding capacity because of recession-related revenue losses, is asking private investors if they're interested in directly financing a new bridge to replace the congested, 82-year-old span linking Elizabeth and Staten Island. The bi-state agency would then lease the privately owned bridge from the investor to retain control of its operations and toll structure.

You would think that replacing this bridge would be one of those "shovel ready projects" Barry touted when foisting Porkulus on us. But I'm not complaining. Private enterprise could almost certainly build a new bridge for less than it would cost the government to do it.

A public-private partnership of this magnitude has never been tried before. And the leaseback arrangement is certainly unique. There are private toll roads and bridges but they are also privately operated.

But again, I'm not complaining. I think this is a great idea, one which will solve a major regional transportation problem in a cost-effective and efficient manner. My hat is off to the Port Authority for their willingness to think out of the box.

Posted at 09:58 by Chris Wysocki   [/odds_n_ends]   Comments | Archived | Perm Link |
Technorati Tags: PANYNJ Goethals+Bridge tolls   |   Tweet