PROVIDENCE, R.I. — State transportation officials are estimating it’ll cost about $117 million more than originally projected to reduce congestion on the deteriorating Interstate 95 North viaduct in Providence.
The Providence Journal reports the state Department of Transportation submitted federal grant applications stating that the estimated cost has grown from $226.1 million to $342.9 million. The state wants to replace the highway bridges and interchange in the center of Providence, plus add new travel lanes.
The DOT says $226 million was a rough estimate.
The state says new grant guidelines also encourage using a private loan for part of the financing, which contributes to the higher cost.
The new grant application includes the cost of interest on a $45 million private loan and a 15 percent return to the private partner.
Information from: The Providence Journal, http://www.providencejournal.com