VANCOUVER – It is no secret that drivers are consistently avoiding the Port Mann Bridge because they do not want to pay the toll.
Port Mann Bridge traffic was down in 2014, and the company running the bridge, TI Corp, says debt levels have reached $3.6 billion and the deficit is expected to grow. However, they are saying it is still on track to meet all payments.
While TI Corp knew they would be losing money, they were not prepared for just how much money. In the current year it was forecast to lose $69 million, but they are now on track to lose $79 million.
Over the next three years, it was projected the project would lose about $80 million, but that number has now grown to more than $100 million.
Most Crown Corporations contribute money to the BC Government coffers, with the exception of TI Corp and the question remains whether the bridge will ever make money.
A variety of factors, including lower traffic numbers, and expenses of $150 million interest payments a year on a $3.3 billion budget could prevent this bridge from becoming profitable.
When a new Pattullo Bridge is built, it will be a tolled bridge, but that is still years away from completion.
Comments