Politics & Government
SANDAG Considering Two Options to Buy South Bay Expressway
The board of directors hears two proposals to finance the purchase of the state Route 125 toll road.
The board of directors of the San Diego Association of Governments was presented with two options Friday for financing the proposed purchase of the state Route 125 toll road. No vote was taken by the board.
The board voted to purchase the lease to operate the toll road—also known as the South Bay Expressway— for $344.5 million, and hopes to close the deal by Dec. 30.
The lightly traveled stretch of highway from Spring Valley through eastern Chula Vista to Otay Mesa was a financial bust and is now owned by a group of banks and creditors.
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The SANDAG board will eventually decide between issuing bonds backed by future revenues or taking a loan from TransNet tax money in combination with other income. Board members heard a presentation from staff and a Barclays investment banking team.
The agency’s staff will now go ahead with making plans for the purchase, including public review.
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Stiff tolls have kept most drivers from using the 10-mile-long road, completed in 2007 at a cost of nearly $850 million.
It costs $4 for a two-axle vehicle to drive the entire length of the South Bay Expressway, or $3.85 for vehicles with a FasTrak transponder, which pays the toll automatically.
City News Service contributed to this report.
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