Anchorage 42.0 °F
Fairbanks 37.0 °F
Juneau 50.0 °F
Knik Arm Bridge takes steps forward
ANCHORAGE, Ak-- Last week House Bill 23, which provides the legal framework to move the Knik Arm Bridge from a public- private partnership to a publickly finance project, took a big step forward as it was it pass out of the Senate Finance Committee.
With a 5 to 1 vote the Senate Finance Committe passed HB 23, but with some modifications.
"The modifications were to just make sure had all our financing in place before we move forward. And then another bill is we have a separate bonding authority, so that we come back to legislature if we want to expand the project after its built," Shannon McCArthy, Government and Public Affairs, KABATA.
The bridge will cost an estimated 782 million dollars with a contingency budget of nearly 900 million dollars.
One third will come from bonds, another from the national high way system, and the last portion from the TIFIA loan.
KABATA feels very optimistic for the outcome of the bill this year.