Pennsylvania Turnpike ----Public Ownership, Private
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- Lillian Dixon
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1 Pennsylvania Turnpike ----Public Ownership, Private Management: The best outcome for Pennsylvania
2 Introduction This presentation was prepared to address the potential lease of the Pennsylvania Turnpike. The information in this presentation is based on the financial assumptions made by the Citi/Abertis team as they prepared their bid for the Governor s office. We understand the value of Act 44 and commend the leadership Pennsylvania has demonstrated in taking on the very difficult task of addressing infrastructure needs throughout the Commonwealth. We view the lease as another step forward in meeting the transportation needs of the Commonwealth. The lease provides more money for infrastructure, eliminates the need to toll I-80, and proposes smaller increases in tolls than the Turnpike Commission s schedule. The entire team of Citi and Abertis look forward to making ourselves available to go over the details of this transaction and answer any questions you might have. 2
3 What This Presentation Will Prove... Lease Act 44 Prevents Tolling on I-80 Caps turnpike tolls to inflation or 2.5% Projects to generate $1.1 billion for roads, bridges and transit annually* Contractually bound to meet defined operating standards State police and emergency services patrol and respond to emergencies Protects union employees contract The lease of the Pennsylvania Turnpike provides more money for infrastructure, eliminates the need for tolls on I-80 and calls for less of an increase of tolls on the turnpike than what the Commission has already scheduled. The lease gives union workers the same rights and the state police and emergency services still protect the roadways. Contractually required to complete all mandated capital projects *The $1.1 billion annual return is based off of a 20 year average return of SERS of 12%. It is important to note that even at the low rate of 5%, the lease still generates more money for the Commonwealth than Act 44 when I-80 tolling is not included. 3
4 Why The Lease Makes Sense... It s a lease, not a sale 75-year lease with clearly defined goals & objectives built into the agreement. The Commonwealth retains important elements of control over the operation of the turnpike. Commonwealth remains the owner and may retake the turnpike at any time should the concessionaire default on the lease agreement. In the highly unlikely event that this happens, the Commonwealth can keep the up-front payment. The name of the turnpike cannot be changed by the Citi/Abertis team. The operator of the turnpike must be approved by the Commonwealth. The lease projects $1.1 billion a year for new infrastructure The up-front payment of $12.8 billion will be dedicated to improving the transportation infrastructure of the Commonwealth. The up-front payment will be invested in a trust fund and not controlled by any administration. The inflows from this payment will continue to be available to future administrations. After paying off the $2.3 billion in debt from the Main Line and NE Extension by the Pennsylvania Turnpike Commission, the remainder will be invested into the State Employees Retirement System and is expected to provide $1.1 billion for new transportation projects each year--based on historic investment returns. Though the economic assumptions of the annual payment were based on a 20 year average of SERS at 12 percent, the lease plan still brings in more money than Act 44 if the return is as low as 5 percent when I-80 tolling is not included. Completes current construction projects on the turnpike. 7 $10.5 billion of the up-front payment will be invested in SERS. $2.3 billion will wipe out debt from Main Line and NE Extension $0 $3.2 $6.4 $9.6 $12.8 Bridges Roads Transit Given the average annual return over the last 20 years, SERS would generate an estimated $1.1 billion a year to be invested for infrastructure improvements. The Commonwealth will fund some turnpike projects currently underway out of the SERS annuity, estimated to be $43m annually for 9 years. Annual police funding of $33.5m (inflation adjusted) and retirement healthcare obligations of $6.1m in year one will come from the SERS annuity as well. 4
5 Why The Lease Makes Sense... The lease eliminates the need to toll I-80 Regardless of whether I-80 is tolled, leasing the turnpike will clearly provide more revenue to be invested in infrastructure. Even if I-80 was tolled, the lease would still bring in 13 percent more for the state per year. Without tolling I-80, there is no financial scenario where Act 44 provides more dollars and protections to the people of the Commonwealth. The lease generates the most money and is the only plan that caps tolls Rather than running up the Commonwealth's PTC debt, under the lease, the debt burden of the PTC is transferred to Citi/Abertis. Citi/Abertis will invest $5.5 billion, in present value terms, for capital projects on the turnpike. In an economic downturn, the Citi/Abertis team will bear the risk of lost revenue from decreased traffic, poor economic performance in the region, and increased construction and operational costs. Citi/Abertis are contractually bound not to raise tolls more than 2.5 percent or inflation--regardless of these factors. For the first time, the users of the turnpike are protected from unknown toll increases. After a 25 percent toll increase in FY 2009, Act 44 will raise tolls at a rate of at least 3 percent annually--traffic decreases would lead to toll increases above 3 percent. The PTC has not accounted for increased fuel costs for drivers but still assumes traffic will continue to grow every year. If traffic decreases, the PTC will not be able to make its payments without increasing tolls above 3%. 5
6 The Lease: Better for Commonwealth Drivers Projected Toll Increases: 3% 2% 1% 0% 2.5% The lease caps toll increases at 2.5% or inflation. Lease 3.0% The PTC s scheduled toll increases are not capped and will increase at least 3% annually after Act 44 / PTC The PTC, under Act 44, has called for higher tolls on the Turnpike and the need to toll I-80. There are no toll caps set for the PTC and the users of the turnpike are vulnerable to significantly more variables that could raise tolls every year. The Facts on Toll Increases Toll increases under the lease are at 2.5 percent and the only economic factor that could raise them higher is inflation (CPI). There are NO OTHER factors that can raise tolls under the lease plan. The Lease shifts all other risks to the Citi/Abertis team from traffic to operational costs. Under Act 44 the PTC has no assumption of risk in the way they manage the operations of the roadway or any other factor. Act 44 has no cap on toll increases or a pre-defined economic indicator that will cap tolls. Act 44 calls for a 25 percent increase in tolls in 2009 and the lease has factored the same into their economic assumptions. Under Act 44, there are annual toll increases of at least 3 percent. The lease protects drivers from unpredictable toll increases, as it is capped at 2.5 percent or CPI. 6
7 The Lease Sets Standards and Focuses on Safety: Higher standards The Concessionaire has a natural interest to improve customer service, as it would produce an increase in demand and improve economics. The lease has pre-defined and contractually obligated standards based on FHWA & PennDOT operating requirements. There is no mechanism to enforce these operating standards by the PTC or the payments under Act 44. Under a lease, the Commonwealth can retake control of the road if these standards are not met--and keep the upfront payment. The Commonwealth can change the standards to conform with best practices. The Commonwealth not only has the right to audit and inspect the turnpike but the costs will be reimbursed by the Citi/Abertis team. The Citi/Abertis team, as a global operator of more than 5,000 miles of toll roads, will bring the turnpike the most advanced technologies and share best practices to alleviate congestion and to constantly improve customer service and safety. Emergency Services Remain the Same State Police will continue to patrol the turnpike Emergency service providers will have unrestricted access to the turnpike at all times. 7
8 The Turnpike Employees and More Jobs for PA Job Protection Existing collective bargaining agreements will be honored and are in effect for the next four years. The employees will undergo the same bargaining process as they have done with the Turnpike Commission. The Citi/Abertis team is committed to offering employment to existing turnpike employees who are part of the bargaining unit. Benefits are Protected The Citi/Abertis team is contractually obligated to include the same salary and conditions of employment. Employees will also receive identical pension benefits as they currently have. The Citi/Abertis team must also pay for active and post-retirement health care benefits, as is mandated by the collective bargaining unit. The Citi/Abertis team is subject to all labor laws of the Commonwealth. The lease would further provide workers with the opportunity to become part of two leading global institutions that are fully committed to the development and education of their employees. New Jobs to the Commonwealth The estimated $1.1 billion annually invested in state-wide projects will create new jobs in the construction sector. According to the Federal Highway Administration, for every $1 billion invested in surface transportation, 47,500 good paying jobs are created. Improved and expanded roadways will build stronger local economies. 8
9 The Citi/Abertis Team Leading global financial services firm and has worked with Abertis around the world. Consistently ranked as one of the top U.S. firms in the area of finance. More than 8,000 people in Pennsylvania work for Citi businesses. The Citigroup Foundation has been active in Pennsylvania--supporting local organizations with more than $1 million in grants. Citi has a strong presence in Pennsylvania and is dedicated to giving back to the communities in which it operates. Committed to Pennsylvania Turnpike will be managed locally, in Pennsylvania Largest and most experienced global toll road operator, managing over 5,000 miles of toll roads in ten countries. Based in Barcelona, Spain with offices in the U.S. and around the globe. Strong U.S. presence and is managing airports in major U.S. cities including Orlando Sanford Airport, Concourse E of Hartsfield-Jackson Atlanta International Airport, and Burbank Airport. Manages the Teodoro Moscoso Bridge in San Juan. As a member of the Dow Jones Sustainability Index, Abertis is committed to corporate sustainability and strives to improve the communities and the environment in which is does business. Significant history as socially responsible corporations who invest in the communities where they do business 9
10 Global Participation Joint leadership between U.S.-based & global companies Citi/Abertis team have equal leadership roles in the management of the lease. Citi appoints the Chairman, and Citi and Abertis jointly appoint the CEO. The turnpike will be managed locally. Abertis has a strong presence in the United States and employs people from Florida to California. Both Citi and Abertis are global companies dedicated to sound management practices and believe in supporting the communities they do business in through investment, corporate social responsibility and philanthropic participation in local affairs. Global companies have a strong record of investment in PA Over 230,000 Pennsylvanians are employed by global companies with headquarters outside of the U.S. Pennsylvania has been an attractive location for international employers, ranking 4th in the U.S. in the number of employees supported by U.S. subsidiaries. Global companies doing business in Pennsylvania provide significant jobs in manufacturing and services driving stronger local economies. 10
11 Questions and Answers The price offered by Citi/Abertis is $12.8 billion but that is based on today s interest rates, what will happen if rates change? The faster the deal closes the less risk of interest rate fluctuation. The bid will decrease by 0.10% for every 0.01% increase in interest rates before the close. Will toll rates increase excessively? The lease is the only proposal that caps increases at 2.5% or inflation. Under Act 44 there are no limits. Is it true that the Lease eliminates the need to put new tolls on I-80 and still brings more money to the state to invest in our failing infrastructure? The core of Act 44 provides the Commonwealth with $450 million a year and if they toll I-80 the PTC will provide 13% less than the lease. Why not see if the federal government will permit the tolling of I-80? Yes and it will bring significantly more money. Even if PTC can toll I-80, the lease will bring in 13 percent more and it is far from clear if I-80 will ever be tolled. The $450 million is not adjusted for inflation. $450 million in 50 years is worth just $25.7 million today. It is highly uncertain that the tolling will be permitted and the tolling will be enacted anytime soon. If I-80 were tolled and knowing that the $450 million is not adjusted for inflation, there are only a few avenues available to the PTC: increase tolls on both the turnpike and I-80. Is Act 44 a failure? No, Act 44 created one of the most significant debates on infrastructure investment in our country. We see the lease as the next step in that conversation to bring more money and less pressure on increasing or introducing new tolls. Some say this is a sale, some say it is a lease. Who is right? It s a lease and there is no question about it. If we do not meet our obligations in the lease, the state can cancel the lease, take control of the turnpike AND keep the $12.8 billion up-front payment. Anyone suggesting that this is a sale is misleading you. Because the Commonwealth cannot use tax-deductible depreciation the lease is a transfer of tax ownership, but it is not a sale. Who is in charge, Citi or Abertis? The agreement is that both companies have equal powers to manage the turnpike and they will form a separate company that reflects that. 11
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