Grant, Loan Applications For Bridge Being Finalized - The Missourian: Local News

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Grant, Loan Applications For Bridge Being Finalized

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Posted: Saturday, July 19, 2014 4:00 pm

Members of the Missouri Highway 47 Bridge committee were updated Thursday morning on the status of enhancement funding for the new bridge.

Enhancements on the bridge, which were estimated at $1,990,000, include decorative railing and girder lighting on the east and west barriers, pier lighting and lighting on the full length of the bike/pedestrian trail.

A total of $800,000 is already secured for enhancements — $500,000 from Washington, $250,000 from Franklin County and $50,000 from Warren County.

The funding shortfall, not including the adjusted price once the new design is complete, is $1,190,000.

The city has finalized its application for a TAP (Transportation Alternative Program) grant through East-West Gateway. The grant could contribute as much as $250,000 toward the project, primarily on the bike trail.

The grant would cover some sidewalks leading to the bridge, pedestrian lighting, signage and may incorporate striping. The city is requesting $301,000, or 80 percent of the total cost of $377,000. The city would cover the remaining 20 percent of the cost.

If secured, the grant would reduce the amount the city would borrow on a finance corporation loan.

The Washington City Council is expected to pass a resolution of support for the grant Monday night.

An application for the Missouri Department of Transportation Finance Corporation loan also was submitted.

The $1.5 million loan would cover the cost of all enhancements. If the loan is secured, the city could still apply for grants that could be used to pay down the debt.

The loan is a backup if grant funding isn’t secured.

The loan doesn’t have to be drawn until June 2016.

The city also has applied for a TIGER (Transportation Investment Generating Economic Recovery) grant for $20 million, of which 5 percent could go toward enhancements.

/local_news

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