The business consortium seeking to lease the Pennsylvania Turnpike for the next 75 years says its offer is worth far more than a $12.8 billion upfront payment to the state.

Abertis USA Corp., Citi Infrastructures Inc. and their investors said yesterday such a deal would also mean making $5.5 billion worth of capital improvements and paying at least $3.3 billion in state corporate taxes from which the turnpike commission is exempt as a public agency.

That places the total value of the proposal at $21.6 billion in today's dollars, Abertis USA President Jordi Graells said, but the number will grow significantly higher when 40 mandated capital improvements are done over the next decade as the purchasing power of a dollar erodes.

"It's a lease, not a sale," whose terms are outlined in a detailed agreement, he said. "Almost everything we do will have to be authorized by [the Pennsylvania Department of Transportation]. The private company becomes the collaborator."

In a meeting with members of the Pittsburgh Post-Gazette editorial board, Mr. Graells discussed the offer, plans for the turnpike and Abertis' experience in managing 5,000 miles of tolled highways, mostly in Europe. He was accompanied by James C. Courtovich, managing partner of Kearsarge Global Advisors, which is assisting with what would be the largest public-private toll road partnership in the world if it's approved by the Legislature.

Thus far, lawmakers have been sticking with their own plan to fund roads, bridges and public transit -- Act 44, passed in July 2006, raising tolls on the existing turnpike and putting the turnpike commission in charge of converting Interstate 80 to a toll road as a national pilot project, a proposal that will require federal approval.

Gov. Ed Rendell has been promoting the long-term lease of the 500-mile turnpike system, including the Greensburg Bypass and Beaver Valley Expressway, as an alternative to Act 44, using investment profits from the $12.8 billion for state transportation purposes.

Mr. Graells and Mr. Courtovich said besides meeting with news organizations, they've been meeting with state lawmakers and political leaders to make a case for the lease and answer questions.

By their count, 47 state House members are in favor of the offer, 53 are against and the balance, or about half, remain undecided.

They said the offer by Abertis and Citi, doing business as Pennsylvania Transportation Partners, will remain on the table when the Legislature returns next month but won't be extended beyond the year's end.

State Rep. Joe Markosek, D-Monroeville, chairman of the House Transportation Committee, has said the proposal won't be released for a floor vote, claiming a lack of support.

Mr. Courtovich disagreed.

"We know without question that this will come up for a vote. We have several spare tires," he said, hinting that a vote on the lease could be put forth by another House committee or in the Senate.

Mr. Courtovich said some of the reluctance to a lease stems from the Pennsylvania Turnpike being historically rooted in politics.

"It's tough because the days of patronage would be over," he said. "There would be no more $1,200 dinners on Nantucket. They wouldn't be able to raise [political contributions] from consultants, bond people and highway contractors."

During the meeting, Mr. Graells and Mr. Courtovich also said:

• If the state manages the money wisely, including holding back some investment returns from the $12.8 billion lease payment to build a bigger portfolio, it could realize a growing stream of revenue over the 75 years of the lease.

• It's in Abertis-Citi's best interests to provide a safe, smooth and efficient turnpike with competitive pricing to attract traffic.

• The investors are assuming financial risk because of how increasing energy and motor vehicle costs could affect future travel, currently 4 percent lower on toll roads and bridges in the Northeast because of gas prices.

• Concerns about foreign ownership are unfounded, because the consortium has investors from the United States as well as other countries. "We can't pick up the road and ship it out of the country," Mr. Graells said.

Additional information about the Abertis-Citi proposal can be found at www.penntransportation.com.