Creative Financing Backs Missouri’s New Bridge Program
The Missouri Highways and Transportation Commission selected KTU Constructors to replace 554 bridges across the state over the next four years under a $487-million design-build contract. Combined with another 248 bridge projects the Missouri Dept. of Transportation has awarded, Missourians are scheduled to be be driving across 802 new bridges by Oct. 31, 2014. The full program is expected to cost $700 million. MoDOT will sell bonds to finance the program, repaying them with annual payments of $50 million it receives from the federal bridge funds each year. Over the life of the project, that method is expected to save $500 million, compared to using a privately financed design-build-finance-maintain program. KTU Constructors is led by Kiewit Western Co., Traylor Bros. Inc., United Contractors Inc., HNTB Corp. and LPA Group Inc. KTU will also act as project manager.