The bottom line for bus rapid transit has dropped significantly.
Following a closed door meeting, city councillors said the city is saving $120 million on the $587 million project. It also includes the widening of the Jubilee Underpass.
Councillors said a combination of innovations and lower financing costs have led to the decrease in price. This does not include a $69 million contingency fund that has not been touched.
“There is greater risk at the front-end of a project and that risk has been reduced,” Mayor Brian Bowman said. “Fortunately in this case, because of the P3 model, the proponents were able to come forward with their innovations, which have saved some money."
Construction on the southwest rapid transit corridor is set to begin next month, with a projected completion date of April 2020.
