Mackenzie Gray@Gray_Mackenzie
The US will receive money collected from the Gordie Howe Bridge, prior to Canada recouping the full $6.4 billion it paid to build it, two senior government sources have told Global News.
This is despite Mark Carney saying the US would get what was "left over" after Canada serviced debt on the bridge, which the Americans contributed $0 to.
The two sources told Global News, the new 15 year agreement stipulates Canada will get 100% of the revenue from the bridge, cash that will be used to pay for things like snow removal and other maintenance costs but not for debt servicing. The money left over, will be split 50/50 with the Americans, who have agreed to put their cut, into an American controlled regional economic development fund.
The original deal signed in 2012, said that Canada was to receive 100% of the money from the bridge, until they were made whole for fronting the entire cost of the crossing, a timeline that was estimated to stretch over 50+ years.
Once the 15 year side deal is completed the Liberals say the original financial terms come back into force but they have not released the text of what they say is an "agreement in principle" to back up any claims up.
On Thursday, Carney said that Canada is "not splitting the tolls of the bridge. It is an agreement for 15 years to split net revenues. Splitting of tolls, any sharing of the toll, won’t happen until all of the debt is repaid."
While Carney is correct in saying Canada is not splitting tolls, the overwhelming major of the revenue from the Gordie Howe Bridge, comes from the tolls it collects, revenue Canada is set to share with the US.
Both sources indicated it's expected bridge expenses will exceed revenue for at least the first six years, meaning neither side would get money during that period, but that timeline could fluctuate based on the amount of traffic on the bridge #cdnpoli