Even with Gov. Ed Rendell's assurance that the proposed deal to lease the Pennsylvania Turnpike is a good idea, there is much more to be learned about the complex, 75-year arrangement.

At this point, not much is known about the $12.8 billion bid submitted by Albertis Infraestructuras S.A. of Spain and its partner, Citi Infrastructures, a division of Citigroup, the New York City-based investment bank.

One of the few things that is certain is that this deal is too complex and too big to be understood and approved by June 30, the end of the current fiscal year. Members of the legislature as well as the general public need to learn more about how this deal would work and how it compares with other alternatives designed to increase funding for state highways, bridges and mass transit.

Fortunately, caution was the theme expressed by Butler County legislators in a front-page story in Wednesday's Butler Eagle. State Reps. Brian Ellis, R-11th, and Jaret Gibbons, D-10th, each pointed out that there will not be enough time to fully understand the deal and vote on it by the end of June.

Ellis raised additional concerns over the secrecy with which Rendell handled the proposal, saying that it "stinks of backroom politics."

Another valid issue was raised by state Sen. Don White, R-41st, who, to his credit, recently traveled to Indianapolis to talk with Indiana officials about that state's lease deal involving the Indiana Toll Road, which was agreed to about three years ago. While Indiana officials reportedly are pleased with their lease deal, White looked at the $4 billion that Indiana got for 115 miles of toll road and questioned whether the $12.8 billion offer backed by Rendell is high enough for about 500 miles of Pennsylvania Turnpike.

It might be that the current problems in global financial and credit markets have depressed the price tag for a lease deal on the turnpike, a fact that Rendell acknowledges.

While $12.8 billion for leasing the Turnpike looks like a lot of money, the investors get an even better deal. According to an article in Business Week magazine, analysts at Merrill Lynch & Co. predict that the investors in the Indiana Toll Road deal could make back their investment after 15 years of the 75-year lease, leaving the remaining years to produce up to $21 billion in profits.

While Indiana officials believe the deal has worked for them, it appears it will be a much more lucrative deal for Wall Street investors. It might turn out that Indiana should have pressed for a higher price.

An article in the Washington Post noted that Wall Street has turned its attention to infrastructure deals because of the steady cash flows, monopoly status and profit potential from improved efficiencies — and "because politicians have bailed out on one of the most important issues facing the nation."

The fact that there are investment bankers at Citigroup pitching this proposal while another part of the same company (Citi Infrastructure)stands to profit from the deal, should cause state lawmakers to adopt a very cautious attitude. There is a clear potential for conflict of interest.

Some critics of privatizing roads argue that the state would be further ahead by just doing the deal itself. One financial analyst in Chicago argued that the city would have been better off not selling a long-term lease for the Chicago Skyway in 2005, and instead raising tolls like the private operator has and then selling tax-exempt municipal bonds based on future toll revenues.

The primary argument for privatization is linked to increased efficiencies under non-government management.

With the Pennsylvania Turnpike, there appears to be plenty of potential for savings. Long seen as a swamp of patronage jobs and a top-heavy organization, the Turnpike, according to research published by the Reason Foundation, is one of the least-efficient toll roads in the nation. The study looked at the percentage of toll revenue spent on operating and maintenance costs.

The Turnpike's ratio was calculated to be 64 percent while the average of 35 other toll roads in the United States was 39.4 percent. In general, public toll roads had expense-to-revenue ratios of about 43 percent, while private operators were more efficient, posting an average ratio of 27.6 percent.

One example cited was the New York State Thruway, which has 50 percent more miles, 83 percent more traffic and 43 percent more toll transactions, yet its operating costs are about 10 percent lower than those of the Pennsylvania Turnpike.

So, there are plenty of reasons to consider private operation of the Pennsylvania Turnpike. But it is far from clear that this deal, at this time, is right for Pennsylvania.

If Gov. Rendell expects legislative approval for this deal, he should be prepared to offer full disclosure on how the deal was structured and who will benefit. There are no doubt mind-numbing details to cover, but lawmakers cannot be too careful with this proposal.

Rendell also should expect tough questions from skeptical lawmakers and public critics of this proposal. His somewhat secretive approach thus far has not been encouraging.

Rendell appears to be ready to go with whatever produces the most money, and quickly, for the state's aging roads and bridges as well as struggling public transit agencies. Something does need to be done on the state's infrastructure, but it is far from clear that this is the best solution to the problem.