With funding proposals falling by the wayside, including one that called for an 800-percent toll increase on New Jersey toll roads and another to “monetize” the New Jersey Turnpike, Gov. Jon Corzine is still on the hunt for transportation funding and a way to restructure $30 billion in state debt.
State Sens. Richard Codey, D-Essex, and Raymond Lesniak, D-Union, are tossing around the idea of allowing private investors to build congestion-toll lanes and/or truck-only toll lanes on the turnpike to pay for upgrades.
Officials say the turnpike needs $2.7 billion worth of expansion and upgrades.
Critics of privatization deals say the state should hold onto its assets and not allow private groups to control any part of the capacity.
Officials from New Jersey Motor Truck Association, the New Jersey chapter of the National Motorists Association, Save Our Assets NJ and other organizations are reportedly cold to the privatization idea according to media reports.