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Thu April 29, 2010
Canada offers to help pay for Detroit bridge
LANSING, MI –
Gov. Jennifer Granholm says Canada is prepared to increase its financial stake in a proposed international bridge across the Detroit River.
Granholm told state lawmakers Thursday the Canadian government would offer up to $550 million for project components in Michigan. Those elements wouldn't be funded by the U.S. government or the public-private partnership seeking to build the bridge.
Granholm said the offer removes the financial risk for the state in the $5.3 billion project. Canada would expect repayments from anticipated toll revenues.
Michigan lawmakers have until June 1 to enact legislation approving the state's entry into the partnership.
The river already is spanned by the Ambassador Bridge. Its owner also has proposed a second span.