Rendell's proposal, if approved by the legislature, would authorize the administration to solicit bids and choose a private company to lease the turnpike, without further approval by the lawmakers.
The governor's proposal faces significant opposition in the legislature, and Rep. Joseph Markosek, (D., Allegheny), the chairman of the House Transportation Committee, said "If the skepticism continues, we'll have to come up with alternatives ourselves."
The administration's financial advisers said that if the legislation is adopted, a winning bidder for the turnpike could be selected by the end of the year.
Morgan Stanley & Co., hired by the administration to examine various ways to "monetize" the turnpike, said a long-term lease was likely to raise the most money, perhaps as much as $19.8 billion for a 99-year lease. And the price could be higher, depending on the value that private firms see in the road, the financial analysts said.
Tolls for drivers would be sure to rise. The Morgan Stanley analysis assumed no toll-rate growth till 2010 and then toll revenue growth of 5.5 percent a year for 50 years and 3 percent a year after that.
That means the current one-way toll of $19.75 for the 359-mile main section eastbound could increase to $287.20 after 50 years if traffic remained at current levels. Roy Kienitz, deputy chief of staff for Rendell, said Pennsylvanians' salaries would also rise significantly over that time, taking much of the sting out of any toll hike.
"It's going to go up, no matter what," Kienitz said of the cost of driving the turnpike. "We think it's better to be honest about that."
Rendell said his legislation "protects against excessive toll hikes." Kienitz declined to say whether 5.5 percent annual increases qualified as "excessive."
