The Idaho Transportation Board will shave off almost $20 million from its Grant Anticipation Revenue Vehicle (GARVEE) bonding request for next year due to lower construction costs and lower bids on projects. Instead of the $45 million the board approved for in October, $26 million will be bonded through GARVEE.
Much of that savings comes from construction on I-84 in the Treasure Valley and U.S. 30 between McCammon and Soda Springs in southeastern Idaho.
Transportation board chairman Darrell Manning said increased competition by contractors and lower interest rates for bonds are helping state projects. Manning said that combination makes now "an ideal time to continue using GARVEE bonds to improve our roads and bridges and keep Idahoans working."
GARVEE is a program designed to speed up six road construction projects by offering bonds on the project and then getting federal grants to pay off those bonds. As of last month, GARVEE has issued about $560 million on construction contracts.
Read the full news release on the GARVEE bonding at the Idaho Transportation Department website.
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