Parson: Workforce Development Hinges on Infrastructure
Date Posted: January 17, 2020
Posted In: News,
From News Tribune: Infrastructure funding was a common refrain in Gov. Mike Parson’s State of the State speech Wednesday afternoon, as he praised lawmakers for approving new funding for roads and bridges last year — and promised more big projects.
Last year, the General Assembly approved $400 million for road and bridge improvements, including $50 million to match localities on their projects and a $300 million bonding program that took effect when the state received an $81.2 million federal grant toward replacing the Interstate 70 bridge at Rocheport.
The state issued $201 million of that debt in November at the “unbelievably low interest rate” of 1.24 percent, which will leave the state paying less than $15 million in interest, when they initially expected the bonds to leave them owing $100 million in interest, McKenna said.
“We’re going to have bridges completed this spring, less than a year into that program,” he said.
Parson singled out grants the state secured for projects including completing the MacArthur Bridge in St. Louis, improving the river port in Cape Girardeau, the East Locust reservoir project in northern Missouri and wrapping up the I-49 Bella Vista Bypass in Southwest Missouri. He also promised to build the Buck O’Neil Bridge over the Missouri River in Kansas City, drawing enthusiastic applause from Kansas City-area lawmakers.
Parson also touted the $50 million cost-share program the Legislature approved last year, which he said will contribute to nearly $150 million in new infrastructure investment and an economic impact of nearly $350 million.
MoDOT selected 20 projects to receive matching funds out of that program, including $1.91 million toward three roundabouts in the Clark Avenue corridor in Jefferson City. He said he wants the Legislature to put another $50 million toward the cost-share program this year.
The state’s investment in smaller bridge projects also freed up revenue for larger projects, such as the $278 million project to add lanes, rebuild interchanges and make other improvements to Interstate 270 in St. Louis County, Parson said.