The Michigan State Transportation Commission (STC) announced it had approved a fifth amending bond resolution to rebuild state highways and bridges critical to the state’s economy and traffic.
The resolution is part of Gov. Gretchen Whitmer’s Rebuilding Michigan Program, and reflects the actual total costs of completed and upcoming construction projects from $3.5 billion to $4.3 billion. In 2020, the STC approved up to $3.5 billion of bonding principal. With the initial principal, any associated premium received from investors or interest earned may be used to fund the program.
“Many state highway construction projects and improvements have been completed thanks to the Rebuilding Michigan Program,” STC Chair Heath Salisbury said. “Approving this proposal helps take the remaining projects to the finish line without increasing the initial bond principal.”
Bonds are used as a vehicle to finance new and modified road construction project between 2020 and 2027. This financing is aimed at advancing fixes that result in longer road life and improve the condition of the state’s infrastructure with the goal of getting trunkline pavement performance of 90 percent in “good or fair” condition. The strategy allows the Michigan Department of Transportation to address key corridors and rebuild segments of highly traveled roads.
Projects still in progress include a $53 million bridge project in Genesee County that would replace or reconstruct I-475 from Thread Creek to the Flint River and the I-475 Bridge over Stever-Broadway Avenues; $88 million for Jackson County to reconstruct I-94 from Michigan Avenue to M-60; and $81 million project in Berrien County to reconstruct the I-94 Business Loop (Exit 23) to the St. Joseph River.