Canada Releases Text of $6.4 Billion Gordie Howe Pact as 15-Year Revenue Split Draws Fire
Updated
Updated · CBC Sports · Jul 22
Canada Releases Text of $6.4 Billion Gordie Howe Pact as 15-Year Revenue Split Draws Fire
3 articles · Updated · CBC Sports · Jul 22
Summary
Late Tuesday, Canada published the full text of the new Gordie Howe International Bridge agreement after criticism over opaque terms and conflicting official descriptions of how toll revenue would be shared.
The document shows that for 15 years, net toll revenue after operating costs will be split equally: Canada keeps half to begin repaying bridge debt, while the other half goes to a U.S.-controlled economic development fund.
That arrangement does not replace the 2012 Canada-Michigan deal, under which Canada funds the crossing and, once the debt is eventually paid off, toll revenue is then shared with Michigan.
The new pact also gives the U.S. government a say over some toll-rate changes, a power not spelled out in the earlier agreement.
The release comes days before a Friday ribbon-cutting and the bridge's planned July 27 opening, ending months of uncertainty over the Ontario-Michigan span.