Private Toll Roads

Do private toll roads make sense in America?  Yes!  Maybe not all the time, but private concessionaires do serve a public good and add real value to toll facilities.

The main issue at hand, is when a public toll agency is so wildly successful that their assets become dormant.  Public finance structures are geared to protect investors…those individuals and institutions that buy the bonds sold by agencies to build roads.  To ensure bond ratings these agencies operate at a debt service coverage ratio that gives the rating agencies confidence in their revenue stream compared to their debt service.  Sometimes this coverage ratio can exceed 2.5.  When this happens, an entity can tap that dormant asset by entering into a long-term lease with a concessionaire, thereby freeing up much needed funds to reinvest into infrastructure or other public needs.

Max Crumit


Max Crumit

A Civil Engineer with Business Management

Max Crumit focuses the bulk of his professional efforts in the fields of general transportation and toll facility operations.  A trained civil engineer with a wealth of senior business management experience, Max Crumit got his start as a transportation engineer and project manager by completing a range of private commercial and public road and highway construction developments, including World Drive at Walt Disney World. Over the course of his career, Max Crumit has developed industry affiliations with a number of regional, national, and international organizations, including the Florida Institute of Consulting Engineers, the American Road and Transportation Builders Association, and the International Bridge, Tunnel, and Turnpike Association.

Max Crumit currently serves as a consultant with the MCG, a transportation industry advisory firm with headquarters in the Orlando suburb of Winter Park, Florida. When he isn’t working, he is an avid golfer who holds membership in Winter Park’s Interlachen Country Club and makes regular excursions to the Pinehurst golf resort in Moore County, North Carolina.