|Federal Highway Administration Accepts Use Of Ambassador Bridge Toll Credits To Match Federal Funds|
$50 Million In Ambassador Bridge Toll Credits Protects Michigan Taxpayers
Detroit, Mich. - The Michigan Department of Transportation (MDOT) has accepted $50 million in toll credits from the Ambassador Bridge. The credits will allow Michigan to leverage $200 million of federal transportation funds. The toll credits from the Ambassador Bridge give the state the opportunity to create jobs, fix roads and bridges that are in great need of repair, and help fill a large gap in the state transportation budget. In a letter to the Federal Highway Administration (FHWA) dated May 3, 2011, MDOT Bureau Director Finance and Administration Myron G. Frierson wrote, "In accordance with Title 23, Section 120(j), this letter is requesting approval of $50, 639, 839 in additional toll credits earned for capital outlay expenditures on the Ambassador Bridge." In a letter dated May 18, 2011 FHWA confirms the approval of the Ambassador Bridge toll credits.
Dan Stamper, president of the Detroit International Bridge Company, said today, "The Ambassador Bridge is proud to be part of the solution to the Michigan budget problems. We look forward to continuing to provide toll credits to create jobs and improve our statewide infrastructure."
Earlier this year the House and Senate Appropriations Committees voted to utilize the Bridge Company credits. Rep. David Agema (R-Grandville), chair of the House subcommittee, said there was no guarantee that money from a Canadian loan for construction of the proposed DRIC bridge would be available. The Detroit International Bridge Company first offered its toll credits to the state in February, to help with the $1.1 billion road funding deficit. The company has offered nearly $300 million in toll credits so that Michigan can qualify for federal matching dollars and begin work on transit projects throughout the state.
"Through the years the Ambassador Bridge has created many jobs for Michiganders," said Stamper. "With additional toll credits and the construction of a planned "twin" Ambassador Bridge, we can continue to employ more people and contribute to the economy of out great state of Michigan."
About the Detroit International Bridge Co.
The Detroit International Bridge Co., based in Warren, Mich., owns and operates the Ambassador Bridge linking the United States and Canada near downtown Detroit since 1929. Privately owned and built with private funds, the Ambassador Bridge is the busiest international border crossing in North America, with about 4.2 million cars and 2.3 million trucks using the bridge in 2009. DIBC employs 300 people in the United States and Canada, and actively supports a wide variety of community organizations, charities and universities. Pure Private, Pure Michigan. For more information, visit www.ambassadorbridge.com.
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