- Ohio Turnpike plan can accelerate timelines for key infrastructure projects 12 17 12
Ohio Turnpike plan can accelerate timelines for key infrastructure projects
Monday, December 17, 2012
Cleveland, Ohio—Last week, Governor Kasich outlined his plans for the Ohio Turnpike and released a study from a private consultant that analyzed several options to leverage a larger return on this state asset. He expects this move will free up $1.5 billion in funding that could be used to accelerate infrastructure projects
“While not a cure-all for challenges in funding our infrastructure needs, this path will undoubtedly speed up construction timelines for projects we all know are needed,” said Greater Cleveland Partnership President and CEO Joe Roman.
Under traditional financing mechanisms, priority projects may not receive construction funding for a decade or more. In short,, the Governor wants to bond against future Turnpike revenues for infrastructure projects that are primarily in Northern Ohio.
Several members of the GCP board and staff have been briefed by Ohio Department of Transportation and Administration officials. While leaving the Turnpike Commission intact, the plan calls for greater collaboration between the Turnpike Commission and the Department of Transportation.
The Governor’s recommendations will be included in the transportation budget bill that will be introduced in the Ohio General Assembly next month. There will still be political opponents to this plan, but they will be much less than anticipated had the Governor pushed for more drastic changes. While not a cure-all for challenges in funding our infrastructure needs, this path will undoubtedly speed up construction timelines for key projects.
About the Greater Cleveland Partnership
The Greater Cleveland Partnership mobilizes private-sector leadership, expertise and resources to create attractive business conditions that create jobs, grow investment and improve the economic prosperity of the region.
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