Ohio Governor to Unveil Long-Awaited Turnpike Plan

CHICAGO — Ohio Gov. John Kasich Thursday will unveil his long-awaited plan for the Ohio Turnpike during a two-day series of press conferences across the state.

Ahead of the announcement, the Columbus Dispatch reported that the plan will call for the asset to remain in public hands and for possibly securitizing  future toll revenue through the issuance of bonds. The governor might also consider diverting some of the toll revenue to finance other infrastructure projects across the state, according to the paper. The Ohio Department of Transportation might take over the turnpike from the Ohio Turnpike Commission, the report said.

Kasich has talked about privatizing the toll road since taking office in January 2011, speculating a long-term lease could bring a $2.4 billion cash payment.

Last year, he hired KPMG LLP to review the best ways to wring cash out of the 241-mile toll road, which is one of the highest-rated toll roads in the U.S.

The commission has $566 million of outstanding general revenue bonds.

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Transportation industry Ohio
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