1/6/2010
Idaho Transportation Board reduces GARVEE bonding recommendation
The bond request is part of the GARVEE Transportation
Program approved by the Idaho Legislature. The reduced recommendation will be
forwarded to Governor C.L. "Butch" Otter and must be approved by the
Legislature. The program uses Grant Anticipation Revenue Vehicle (GARVEE) bonds
to expedite highway improvements.
In October, the transportation board approved a $45 million
bonding authority request to:
-
complete the financing of Interstate 84 expansion
from the Franklin Interchange to the Garrity Interchange
- purchase remaining right-of-way parcels for extension of Idaho 16 from Idaho 44 to U.S.20/26, and
-
widen four miles of U.S. 95 and add frontage
roads in the Chilco area.
The I-84 project was estimated to cost $48 million, but the
projection was recently lowered to $32 million due to current construction
costs and lower-than-anticipated bids on other projects. The lower estimate
will allow the I-84 project to be constructed entirely with savings.
"These savings combined with a lower estimate on the
I-84 project allowed the board to re-evaluate the bonding authority needed to
finance the next series of projects," said Scott Stokes, acting director of the
department.
Approximately $55.5 million in bid savings were realized on
projects on Interstate 84 and U.S. 30 since early 2009.
The Idaho Legislature approved $681 million in bond
authorizations to date. Approximately $560 million in contracts have been
issued through December for the design, purchase of right of way and
improvement of the state's highways and bridges. An additional bond sale of $84
million from a previous authorization is being completed this week.
"The competition among contractors combined with the
low interest rates makes this an ideal time to continue using GARVEE bonds to
improve our roads and bridges and keep Idahoans working," said Darrell Manning,
chairman of the Idaho Transportation Board. "This request continues the
momentum we have achieved in rebuilding U.S. 95 and planning for the extension
of Idaho 16."
The $26 million bond request, combined with prior
authorizations of other GARVEE projects, would finance or complete the
financing for the following:
-
Idaho 16 - Purchase of remaining right of way
parcels for extension of Idaho 16 from Idaho 44 to U.S. 20/26. $11 million.
-
U.S. 95 - Reconstruction and widening of four
miles of U.S. 95 in the Chilco area and construction of frontage roads. $14
million.
-
Program management - $1 million.