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million of our tax money on a statebuilt road than allow a reputable, private company to construct it at zero cost to the taxpayer.
Early last year, Governor Gerald Baliles and frantic legislators worried about limited state funds for important, local transportation projects throughout the commonwealth. These fears led them to enact the Virginia Highway Corporation Act of 1988. Overriding a 30-year-old law prohibiting private operation of public roads, this new law allows the private sector to build and operate private toll roads in place of state highways.
Virginia won national praise for looking toward the private sector for solutions to the transportation crisis facing the commonwealth. In fact, Virginia wTas one of only a few states to acknowledge that privatization could work in a state’s best interest.
Earlier this year, the time came to put this new law into action, as the Toll Road Corporation of Virginia proposed building a 14-mile extension of the Dulles Toll Road from Dulles International Airport to Leesburg. The private company, headed by the former administrator of the U.S. Urban Mass .Transit Administration, Ralph L. Stanley, submitted a proposal to the Commonwealth Transportation Board seeking permission.
By researching the project carefully and assembling an expert team of consultants and financiers, including Goldman Sachs and Wheat First Securities to design and finance the project, the toll road corporation hoped to quickly receive state appro
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