Corzine looks for cash from Turnpike

October 30, 2009 7:21:01 AM PDT
Gov. Jon Corzine may revisit a plan to use the New Jersey Turnpike to raise money for the cash-strapped Garden State.

The governor told The New York Times a 2008 proposal to boost tolls over 15 years to raise a projected $1 billion to pay down debt and fund transportation projects was "too big, too fast, at the wrong time."

However, Corzine says the idea worked so "maybe we just need to scale it back."

Gannett New Jersey's Statehouse Bureau reports Corzine said after a bill signing in Edison on Thursday that his administration has been considering ways to raise more money from the turnpike. The ideas include leasing the rights-of-way for commercial development.

Corzine said the plan would not include the 800 percent toll hike that he first proposed last year. The governor also said he has no plans to raise tolls.

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