Alberta Transportation minister Brian Mason says the deal awarded to a consortium of companies to design, build and operate the South West Calgary ring road has come in $700 million under budget, “That’s a real win for us, real evidence we’re on the right track when it comes to making investments now”.
Alberta Transportation has signed an agreement with Mountain View Partners.
The province will fund 60% of the capital construction cost, which will be paid during the five-year construction phase.
Mountain View Partners will finance the remaining 40% over the 30-year operating period.
The contract is worth $1.42 billion, to be paid over 35-years and follows a selection process which began in July of last year.
Construction is scheduled to begin this fall and the road should be open to traffic in 2021.
Mason says this project will be a boost to the economy, “There’s going to be, I think, 15 thousand jobs created by this project over the next five years”.