Can you start construction with $24 million financed and then seek the rest of the loot? That’s the predicament facing the Ganim administration as bids for construction of a new Congress Street Bridgeport have come in way over budget. The $24 million price tag was a pre-Covid estimation. Costs have soared since.
The bridge has been a political football on a local, state and federal level for decades and will give Mayor Joe Ganim’s opponents ammo to highlight the languishing process.
From Brian Lockhart, CT Post:
Twenty-six years after the Congress Street drawbridge got stuck in the open position, 13 years after the structure was demolished, and three years after construction was planned to begin on a replacement, the city has run into yet another significant hurdle — inflation.
The project’s estimated $24 million pre-COVID pandemic budget has unsurprisingly exploded, based on bids submitted by the June 29 deadline by a handful of interested contractors.