HARRISBURG - The Pennsylvania House Republican Policy Committee, chaired by Rep. Stan Saylor (R-York), held a hearing on the validity of a survey assessing the fair market value of Interstate 80 which was submitted as part of the Pennsylvania Turnpike Commission's recent application to impose tolls on the interstate.

"The commission's original application to toll I-80 was rejected on the grounds that it did not reflect the highway's fair market value," Saylor said. "When the commission decided to reapply, they selected Provident Capital Advisors to assess the fair market value of I-80 despite the fact that the firm has no experience providing capital advice and analysis and despite the fact that other firms with demonstrated expertise in analyzing the finances of roads and related infrastructure were available."

Saylor said that the selection of Provident Capital, despite its inexperience on transportation matters, raises serious questions about the survey conclusions.

The Policy Committee heard testimony from Brian F. Chase, an independent consultant on public-private partnerships. Chase questioned the validity of Provident Capital's valuation of I-80 citing several factors including:

• Concerns about Provident Capital's independence in light of the fact that the firm's opinion was paid for by the Pennsylvania Turnpike Commission.
• Apparent "cherry picking" by Provident Capital of toll road facilities for study to help reach a specific valuation result.
• Questions concerning the firm's name. Until a few days before being hired to conduct the study, the firm was known as Provident Healthcare Coalition.

Saylor also noted that the Policy Committee invited representatives from Provident Capital and PennDOT, Pennsylvania's primary transportation authority, to testify at the hearing, but both declined.