In February, Governor Gretchen Whitmer announced that she was authorizing the Department of Transportation to sell transportation bonds to inject $3.5 billion of additional investment into the state’s transportation network over the next five years. The Michigan Transportation Commission quickly approved the proposal and this week MDOT closed on an $800 million issue that marks the first installment in Gov. Gretchen Whitmer’s $3.5 billion Rebuilding Michigan program.
The bonds closed this week will cover the cost of rebuilding some of Michigan’s most highly traveled freeways, including a $60 million project in progress on I-496 west of Lansing. When all of the $3.5 billion bonds are sold over the next few years, they will finance or help accelerate rebuilding or major rehabilitation of 122 major highways across the state.
Several studies have shown that Michigan needs over $2 billion in additional revenues each year to properly maintain our transportation network. While a long-term, sustainable solution is continually debated, Governor Whitmer used her executive authority to invest significant resources for our state’s highway system.
The Governor’s authority only allows her to bond for state roads and thus all the revenues from this program will be spent to repair and replace MDOT roads. The legislature continues to discuss ways in which the local transportation network can also receive additional funding as much of that system is also in need of repairs and upgrades.
If you have any questions, please contact Lance Binoniemi, Vice President of Government Affairs at lancebinoniemi@thinkmita.org or Glenn Bukoski, Vice President of Engineering Services at glennbukoski@thinkmita.org.
