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Government take-over brings BC P3 bridge under budget, ahead of schedule

P3 deal's collapse saves $200 million, one year's time.

Transportation Minister Kevin Falcon admits huge savings come with public financingSURREY, BC, April 17, 2009 — It was transportation day on the campaign trail Friday, with Premier Gordon Campbell trumpeting his government's bridge-building record and opposition leader Carole James promising to accelerate a new rapid transit line.

Campbell announced the new 10-lane Port Mann Bridge will be finished by December 2012, a full year before it was expected to open. The government will build the bridge as a public project rather than a public-private partnership, as originally planned.

The about-face will save about $200 million, in part because the government can get lower financing rates than a private partner could, Transportation Minister Kevin Falcon said. Campbell said: "[Bridge contractor] Kiewit has come back and told us that they expect the bridge to be built and ready to go, not in 2013 as we'd initially anticipated, but in December of 2012." ...

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Privatization vs. Public Values Frame
  Profit motive makes work go up fast and cheap / Public financing stable, efficient, done right

Links and sources
  New Port Mann bridge will be finished one year ahead of schedule, By Jonathan Fowlie and Damian Inwood , Canwest News Service, April 17 2009

Posted: April 23, 2009

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