Posted 1/11/2019 21:50 (#7238805 - in reply to #7238355) Subject: RE: Neat photo Confederation Bridge
It was his idea originally, so he got the funding together privately and they have it for 35 yrs. Its a toll bridge, so they'll get their pay back and then I believe the gov't takes it over, or extends the contract.
"When the federal government decided to connect P.E.I. to the mainland, it struck a deal with several private companies and their shareholders, all packaged under one name: Strait Crossing Development Inc. (SCDI).
SCDI was tasked with designing, building, financing, and then operating the $1 billion bridge for 35 years. In return, the federal government agreed to pay off the bridge over those 35 years through an annual subsidy. The contract ends in 2032.
Ottawa also agreed to let SCDI keep all the bridge's toll revenues for the entire length of the contract.
According to the latest numbers made public, between 1997-2013 — those toll revenues added up to more than $500 million."