Private bridge request for tax-exempt bonds fails — for now

LANSING, Mich. — The Ambassador Bridge’s request for $1 billion in tax-exempt bonds to help finance a new six-lane twin span across the Detroit River was denied after a state panel in charge of the decision did not have enough members present for a passing vote.

The Michigan Strategic Fund voted 5- 1 in favor of Ambassador owner Matty Moroun’s application, the Detroit News reports. Unfortunately for him, at least six ‘yes’ votes were needed to okay the bonds.

Five panel members did not show up for the vote.

John Czarnecki, director of program administration for the fund, told the newspaper that the bridge company can reapply. He even offered to waive the $1,000 application fee and said it could be back on the agenda by late July.

“The private activity bond issue is far from over. Due to the low attendance at the meeting yesterday, the Ambassador Bridge may reapply to the Michigan Strategic Fund or other State Agencies,” Dan Stamper, president of the Ambassador Bridge told TodaysTrucking.com. “Michigan stands to lose out on matching federal dollars the state could utilize for important local projects if we don’t fund the Enhancement Project through the MSF.

“With or without the MSF, we are moving forward with our plans for the Ambassador Bridge Enhancement Project.”

The company plans on using the money to fund the construction of a new crossing about 100 feet to the west of the current Ambassador. The company says it has already spent $400 million on securing land and preliminary work on bridge plaza and toll booth expansions.

— with files from the Detroit News