The Missouri Department of Transportation will issue bonds to pay for 802 bridge projects during the next five years instead of outsourcing the financing to the private sector, Director Pete Rahn announced recently.
MoDOT had contracted with Missouri Bridge Partners, a consortium of American firms headed by Zachry American Infrastructure from San Antonio, for management of Missouri’s bridge program, which is dubbed Safe & Sound.
“Ultimately, the question became whether MBP or MoDOT could provide financing for the project at the lowest cost,” Rahn stated in a press release. “In view of the present turmoil in the financial markets, the answer is that MoDOT could do it for less.”
As part of the five-year program, MoDOT plans to replace 554 of the 802 bridges in need while the remaining 248 will undergo improvements.
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