PARKERSBURG, W.Va. — Although nothing has been decided, there are plenty of ideas being talked about for increasing the revenue for road construction and maintenance in West Virginia.
As the state road fund languishes, one of those ideas has been increased tolling in the state beyond the West Virginia Turnpike from Charleston to Princeton. One suggestion is extend the tolls for the entire length of Interstate 77 from the Ohio River at Parkersburg to the Virginia border at Bluefield.
Monday, the question came up for discussion among members of the Wood County Commission.
“Wood County has been blessed to have I-77 and some modifications have been made over time through the West Virginia Division of Highways and being part of the interstate system all the way through Cleveland,” said Wood County Commission President. D. Blair Couch. “But it would really boil back to new construction.”
The consensus among the members of the county commission wasn’t a blanket rejection of tolls, but instead confining them to new highways.
“I could see state government deciding a road from Elkins to I-81 or the Northern Panhandle a quicker corridor to Charleston,” Couch said. “Things that might open up new communities to better development, that’s always a great idea.”
The commission isn’t interested in adding the tolls to an existing highway.
“I don’t think we’d be silly enough to ask for a toll on a road that’s really nice and doesn’t have a toll now,” he said. “It’s like an additional income and I’m not sure for what purpose.”
Governor Jim Justice mentioned the idea of tolls during his inauguration speech. It was a passing mention, but it has generated buzz.
“We all know our roads are hurting don’t we?” Justice said in his inaugural address. “I’ll promise you just this. This one may sound a little difficult but some way somehow, I’ve got to come up with $225 million of monies that’s not anywhere today. That doesn’t mean we have to tax you. We’ve just got to figure it out.
“Then here’s what I’ll do: I told many people along the campaign trail there’s a way to get things going with no money. The way is this — and whether it be the tolls or whatever it may be, I’ve got to come up with a bucket that is equivalent to $125 per living human in West Virginia. Now that doesn’t mean I’m going to tax you in any way, form or fashion, but I’ve got to come up with $225 million.
“And here’s what I’m going to do with it. I’m going to turn and take it and use the multiplier of 15 years or 20 years or 25 years of the low, low interest rate we have today and turn it into $4.5 billion, put it into a financial instrument and sell it to Goldman Sachs or J.P. Morgan or whoever it may be. You see, I know this stuff.
“I’m going to let them present value it and give it back to us. It may only come back at $1.4 billion. It’s a lot of money. Then what I’m going to do is turn right around, and I’m going to take that $1.4 billion and put it with as many highway matching dollars as I can. You can absolutely begin highway construction in this state tomorrow. Tomorrow. Like you can’t imagine.”
The West Virginia Turnpike currently generates $85 million annually, and those tolls are set to be removed in 2019. Many will be watching Justice’s State of the State Address to see if he elaborates more on the idea that was mentioned during the inaugural address.