WARREN, Mich., March 18, 2009 – Dan Stamper, president of the Detroit International Bridge Company, owners and operators of the Ambassador Bridge released the following statement today after the Michigan Strategic Fund approved up to $787 million in private activity bonds for the Ambassador Bridge Enhancement Project.
“This important milestone brings us one step closer to completing our private investment of nearly $1 billion in an infrastructure project that will create more than 20,000 jobs over the next two decades and nearly 4,000 jobs within the first year alone. We are proud that our project and private investment will be a stimulus for the local economy.
“The bonds will be used to create the best border crossing in North America. More importantly, no municipal, state, provincial or federal funds will be required for the project, leaving those dollars available for other community needs that will also help stimulate the weak Michigan economy.
“We look forward to moving ahead with the project, and doing our part to put Michigan back to work.”
About the Private Activity Bonds
In December 2007, the Michigan Strategic Fund approved $212.6 million in private activity bonds for initial phases of the Ambassador Bridge Enhancement Project, which included development of a new customs plaza, improved traffic connections and property acquisitions at the bridge. The private activity bonds will be drawn from a $15 billion U.S. Department of Transportation bond fund to stimulate investment in transportation infrastructure.
The Ambassador Bridge
Standing as an international symbol and link between Detroit, Michigan and Windsor, Ontario, the Ambassador Bridge is the nation’s #1 border crossing, handling 26 percent of trade between the US and Canada. Built in 1929 by private funds, the Ambassador Bridge was established with unique obligations and rights to meet the needs of commerce and trade by Canada, Great Britain and the United States. The owners believe in the development and wellness of the local community where their business is operated and continue to support a variety of local organizations including Hospice, the local Symphonies, local charities and universities. www.ambassadorbridge.com