NCDOT Heading to TX to Investigate Latest Cintra Bankruptcy
NCDOT issued the following press release today:
NCDOT Statement on SH 130 Tollway Bankruptcy in Texas
Raleigh – “Late today, we were notified of the bankruptcy filing in Texas. The governor has directed us to immediately review every available option – both legal and financial – to reassess the I-77 Mobility Partner’s business model and current contract. Therefore, I will be going to Austin on Monday to meet with Texas DOT representatives to assess the situation. It is important to note that the current contract protects taxpayers from financial losses,” said NCDOT Secretary Nick Tennyson
While we are encouraged the Governor is investigating the latest private toll lane failure, we are compelled to point out that, contrary to NCDOT’s statement, North Carolina taxpayers are at risk if the project defaults. We wrote about this extensively here.
We reiterate our request to Governor McCrory to cancel the contract before the taxpayer incurs greater risk for this expensive solution that solves nothing and guarantees 50 years of congestion.