- The State of Idaho has funded $140M or 20% of the total projected CVE cost to date
- The Idaho Transportation Board was granted a total of $140M in funding under its GARVEE program by the Idaho Legislature in order to complete construction of the first segment
- The first segment includes a new Boise River bridge connecting US Highway 20/26 and SH-44, two major east/west state highways
- The first segment is the most environmentally sensitive
- Construction of the first segment of the CVE is projected to begin in late-May 2012. If the remainder of the CVE proposal is fully funded, it could be constructed by 2014-2016.
- Environmental work and clearances are completed and right of way acquisition is ongoing.
- The CVE will terminate at US 20/26 (Chinden Boulevard) unless additional funding is identified!
One proposed funding mechanism that would help see the project through to completion, TIFIA bonds, would produce SIGNIFICANT financing savings.
- Using the cheapest financing currently available to the state under GARVEE at 4.5% and a 20 year term, the $560M project would cost $861M
- Using the proposed financing at 2% for the same term, the project will cost $685M over 20 years, a savings of $176M
- Using the proposed financing at 1% for the same term, the project will cost $621M over 20 years, a savings of $240M