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Indiana Toll Road

Indiana Toll Road

Postby Westmore 103 » Tue May 15, 2012 9:00 am

TOLL ROAD MYTH AND TRUTH
by Mitch Daniels
Myth: We sold a state asset.

Truth: We didn’t sell anything to anyone. The state still owns the Toll Road and always will. It is merely being operated under contract, strictly regulated as to prices and service levels, just as many public utilities are across the state. The contract provides for more lanes, electronic tolling, more State Police coverage, better facilities and service than political management delivered. If the contract’s performance standards are not met, the state can cancel the lease and resume direct management.
In fact, this myth has it exactly backwards. Because of the transaction, Indiana became not a seller but a huge buyer of assets. We will buy $4 billion of additional public infrastructure to leave to future generations, all without a penny of new taxes or borrowing.

Myth: We got benefits in the short term but give up money in the long term


Truth: What money? The Toll Road was losing money. The U.S DOT reported that “The ITR was an underperforming asset that consistently lost money – the ITR lost money in three of the last five years it was publicly operated and in 2005, the ITR lost $16 million.” Over the entire 50-year previous history of the Road, a total of $130 million was generated for other purposes. The Major Moves Trust Fund now receives more than that in interest alone.

Myth: The deal wasn’t fair to the seven Toll Road counties.


Truth: Major Moves brought a bonanza to the Toll Road counties. In cash and new projects, the counties received $ 11 for every dollar they got in the 50 years of political management. For Lake County, Major Moves provided more than 5 times as much as the previous 50-year total and for Porter County, Major Moves provided more than 15 times as much as the previous 50-year total. In addition, other proceeds are being used to subsidize passenger car tolls, keeping them where they were in 1985. Indiana Toll Road tolls are among the lowest of any toll road in America. Besides, two-thirds of all tolls are paid by out-of –state vehicles.

Myth: Indiana didn’t receive a good price.

Truth: Indiana got a great price. The $3.8billion payment has already made over two times more for the State in interest than the Toll Road invested in communities during its 50 year history. Indiana’s largest public accounting firm, Crowe Chizek of South Bend, analyzed the Toll Road financial statements and found the $3.8 B to be at least $2 billion more than what the State could possibly have generated on its own, through higher tolls and borrowing. Scholars and publications throughout the world have further validated that this was a great deal for Hoosiers.

Myth: If the contractor could make a profit, the state could have done just as well.


Truth: For 50 years of politicians running it, the Toll Road barely broke even, owing hundreds of millions in debt. How much proof did we need? Through Major Moves, the state has locked in and pocketed a certain profit, a huge one. Whether the contractor and its investors will ever get their money back or not will not be known for many years. So far they have reported a loss of more than $270 million dollars. The risk of lost dollars has been shifted from Hoosier taxpayers to the investors. And, if the investors ever do make a profit they will pay taxes to the state, unlike the previous government management.

Myth: After 10 years, the money will all be gone.


Truth: Gone? It will be invested in roads, rail and bridges, hard public assets that will improve life in Indiana and strengthen the Indiana economy for generations to come. Without Major Moves, Hoosiers in northern Indiana would have waited decades more for overdue roads like I-80, I-94, US 6, US 41, SR 2 and SR 49 while politicians mismanaged the Toll Road and continued making promises they had no way to pay for and no intention of ever keeping. Moreover, $500 million of the proceeds are in permanent trust for future generations.

Myth: Our tolls now go to “foreigners.”


Truth: The only people receiving funds from the Toll Road are the Hoosiers who work there, and those investors in the partnership who paid for the lease. The list of investors is led by American workers’ pension funds such as Mid-Atlantic Regional Council of Carpenters, Midwest Operating Engineers, Painters Union of St. Louis, and Baylor University, as well as U.S. financial institutions like Northwestern Mutual Life on behalf of their depositors and shareholders.

Myth: There must have been some other way to accomplish all this.


Truth: Yes, there was. We could have tripled the gas tax. In the two years since the transaction, 32 states have actually raised their gas taxes, desperately trying to keep up with their infrastructure needs. Indiana hasn’t, and won’t have to. The only choices Indiana had were to simply forget about building the roads Hoosiers need and have been promised, drastically raise the price of gasoline that is already far too expensive, or find a new and creative answer.

And so we did. And that’s the truth.

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Re: Indiana Toll Road

Postby Shinigami » Fri May 18, 2012 12:17 pm

I like it! Another well penned essay by Mitch Daniels.
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Re: Indiana Toll Road

Postby raycyrx » Fri May 18, 2012 1:02 pm

This is VERY simple. If the lease had been spear headed by Evan Bayh, and put through the legislature by Bauer, the poo-poohers would be singing a vastly different tune.
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Re: Indiana Toll Road

Postby Westmore 103 » Mon Aug 06, 2012 6:49 am

ABC 57
BREAKING: The toll road is closed in both directions after an overnight crash near mile marker 40. Medics flew a man to South Bend's Memorial Hospital after two semi's hit his car. It happened around 11 p.m. Sunday. This picture was sent in by one of our viewers, Katrina Kroy. Dispatch tells ABC57 News the man is in critical condition.
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Re: Indiana Toll Road

Postby Happy Mom » Sun Sep 30, 2012 7:59 pm

ISP looks for answers in Toll Road crash that killed semi driver



By Don Wagner dwagner@wsbt.com WSBT-TV

10:53 a.m. EDT, September 30, 2012

SOUTH BEND – Indiana State police are investigating an early Sunday morning crash on the Toll Road near South Bend that took the life of a semi driver.

Around 1:20 a.m., troopers were called to the 72 mile marker, the exit on the city's northwest side close to the airport.

Police say there, a semi carrying sugar hit a bridge pillar.



Investigators don't know what caused the deadly crash, although they now say the man killed was from Atlanta, Georgia. His name is not being released until family is told about the accident.

Police say the eastbound lanes of the Toll Road were closed as rescue crews worked on the scene to remove the truck and the trailer.

ISP was able to reopen the passing lane, although the right eastbound lane was still closed late Sunday morning. Traffic, though, was moving smoothly in the area.

7 hours after the accident happened, police found a large diesel fuel spill from the wreckage. Hazmat was called at 8:20 a.m. to clean it up.
http://www.southbendtribune.com/news/ws ... 3958.story
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Re: Indiana Toll Road

Postby bob_rx2000 » Mon Oct 01, 2012 6:33 am

I'm certain that both accidents are Mitch Daniel's fault for having "sold" the toll road.
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Re: Indiana Toll Road

Postby Happy Mom » Mon Oct 01, 2012 7:22 am

bob_rx2000 wrote:I'm certain that both accidents are Mitch Daniel's fault for having "sold" the toll road.

Speaking of Mitch Daniels, I met him Saturday night in Indianapolis and was very impressed at his reaction that I was from St. Joseph County... :D
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Re: Indiana Toll Road

Postby bob_rx2000 » Tue Oct 02, 2012 6:56 am

Happy Mom wrote:
bob_rx2000 wrote:I'm certain that both accidents are Mitch Daniel's fault for having "sold" the toll road.

Speaking of Mitch Daniels, I met him Saturday night in Indianapolis and was very impressed at his reaction that I was from St. Joseph County... :D


Was it a positive reaction? We natives of Western Pennsylvania are known for having strong reactions...
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Re: Indiana Toll Road

Postby Happy Mom » Tue Oct 02, 2012 7:55 am

First he started laughing and then he said he had spent a lot of time up there lately.....I apologized for the idiots up here... :lol:
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Re: Indiana Toll Road

Postby Happy Mom » Wed Nov 14, 2012 8:12 am

3 semis involved in 2nd crash in hours on Indiana Toll Road




WSBT photo // Matt Rudkin (November 13, 2012)

By Don Wagner dwagner@wsbt.com WSBT-TV

2:47 p.m. EST, November 13, 2012

LAPORTE COUNTY – More traffic problems on the Indiana Toll Road.

Four hours after two semis, including a FedEx rig, were involved in a crash in the eastbound lanes at mile marker 62 (the St. Joseph County/LaPorte County line), 3 tractor-trailer crashed about 8 miles to the west at mile marker 54.

One of the trucks was hauling a load of flour, which spilled all over the highway.


The second crash happened just before 2:30 p.m.


State Police say both lanes were closed for awhile while the flour and debris could be cleaned up.

Amber Ketting of the ITR Concession Company told WSBT shortly before 5 p.m. that one eastbound lane had been opened. She was told it could be a while before the other lane is back to normal.

Police say no one was hurt.

Yet another semi was involved in an accident about 15 miles to the west at mile marker 67 about the same time. No injuries reported there, but it slowed down traffic quite a bit.

http://www.southbendtribune.com/news/ws ... 5298.story
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