Knik Arm Bridge takes steps forward

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by Jessica Gruenling

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.

As to what the new financial plan looks like.

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.

"We feel like the extra time that we took having the bill held over during the interim really provided us an opportunity to really clarify a lot for finances that they had," McCarthy.

McCarthy says the bridge will not only provide a second route out of ANchorage and the Mat-Su, but will also have a positive economic impact on the community.

"One of the things that has been out in the public right now is the housing crunch that Anchorage people are under with the limited single family homes for young people moving up, so this would provide access to a lot of developable land," McCarthy.

And the Mat-Su Borough has already developed several proposed town sites.

"So they're ready for the influx of population when the bridge is built, so I think that would relieve a lot of the needs here in anchorage," McCarthy.

But people are still expressing concerns about  such a large project.

"People are always concerned when there's a large project because it has impacts on neighborhoods, it also has fiscal impacts," McCarthy.

McCarthy says even with some concerns expressed it's a very positive project with benefits for the whole state.

KABATA feels very optimistic for the outcome of the bill this year.
 

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Bob said on Wednesday, Apr 9 at 12:23 PM

Funny how KABATA's spokesperson makes it sound like they actually have their financing all figured out. They don't have a $341 Million loan from the Feds, they have not decided which $300 million of needed state transportation projects will get delayed or canceled so their funds can be diverted to the bridge, and KABATA has not released any actual cash flow analysis to show that the state will not be on the hook to pay for basically the whole $billion dollar plus boondoggle.

Bob said on Wednesday, Apr 9 at 12:32 PM

Sorry, too many inaccuracies to point out all of them, but the one about "Mat-Su Borough has already developed several proposed town sites" is just to wrong to let go. There was a highly preliminary study done recently to show how town sites COULD BE developed that would provide some of the population density necessary for KABATA's predicted toll revenues to come true. Too bad that study did not look at who would pay the extra costs to put in a district water and sewer infrastructure to be able to build the high density planned communities that look like they were pulled from the yuppie areas of Portland or Seattle. Just like KABATA's "finance plan", pipe dreams are not reality!

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