The province and city announced an agreement Wednesday to keep the Disraeli Bridge open during a major reconstruction project.

About 40,000 vehicles cross the bridge every day.

The new cost for the bridge work hasn't been set, but the province concedes that keeping the bridge open during approximately 16 months of construction work will cost more than closing it down.

Work on the bridge was originally estimated at costing about $140 million, before the decision was made to keep it open during the reconstruction.

CTV News spoke with drivers who said they're pleased the bridge will remain open, minimizing traffic tie ups.

Three companies have submitted bids on the project, which are still being reviewed. Officials have yet to determine how the work will unfold.

Premier Gary Doer said the province will give the city $53 million over the next decade to help cover the repair costs.

Last month, city council approved a plan to borrow $75 million dollars to help pay for reconstruction of the Disraeli Bridge, instead of financing the entire project through a public-private partnership.

The city hopes to have work begin on the bridge next year.

-with a report from CTV's Jon Hendricks