Route K increasing debt – Pyes Pa Bypass I saw the article dated 9/3/11 last week about the toll road and that TCC intend to add $12.80m to the debt for the Pyes Pa bypass.
Parliament passed a law in 2000 that allowed Route K to be built and paid for, it is funded by the tolls paid. Section 5 of the Act states clearly that only the costs related to it can be paid from the tolls collected. The means from the PJK interchange to the SH29 roundabout only. The law does not include Pyes Pa Bypass in any shape of form, that's it, TCC can't add on other debt as is breaking the law.
The debt has already increased from about $40m (2002) to about $58m now.
The tolls are insufficient tolls to cover the costs and interest now.
Adding more debt will make this worse not better.
How will this ‘endear' NZTA to the idea of being encumbered with Route K's 'debt burden”.
The only negotiations with NZTA going on here is about TCC praying and begging that the debt will go away sooner than later so delaying the necessity of facing reality at Town Hall perhaps for another year.
A Barnes, Tauranga.