TITLE

Chicago City Council Unanimously Approves Privatization of Skyway Toll Road

AUTHOR(S)
Shields, Yvette
PUB. DATE
October 2004
SOURCE
Bond Buyer;10/28/2004, Vol. 350 Issue 31999, p36
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article presents information that the Chicago City Council yesterday unanimously approved a long-term deal to private operations of the Chicago Skyway toll road--a lease-like transaction that will pump $1.3 billion of revenue into the city's cash-strapped coffers. The deal, which is scheduled to close within 90 days, is a first-of-its-kind privatization of an existing toll road in the United States. The firms benefit by capitalizing on the lax benefits of asset depreciation--a tax benefit local governments cannot claim, and they also get to keep toll revenues.
ACCESSION #
14891621

 

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