Sometimes the road to hell is paved with the best intentions. Public-Private Partnerships, or P3s, sound good on paper, with private companies picking up the initial tab. However, if you look closely, you will notice that the public often pays a heavy toll down the line. A good example of this is in our own backyard. The 91 Freeway through Orange County was constructed with funding from the California Private Transportation Company, or CPTC, with the promise that the Corona Crawl would ease up with the new highway lanes. However, when those promises did not come to fruition, local and state officials announced construction of other highways. The CPTC filed suit, claiming their non-compete prohibited this. In the end, the OC Transportation Authority was forced to spend $208M in taxpayer money to buy the toll lanes back. dollarsandsense.org/archives/2012/1112bondgraham.html The question then becomes financially responsible if the CenterCal plan isnt the success it claims it will be, and who will also foot the bill for infrastructure improvements for roads leading into and out of the harbor? The $50M parking garage gift could end up being no rent for 30 years, with the city and taxpayers on the hook for much more.
Posted on: Wed, 24 Sep 2014 05:58:51 +0000
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