Federal funding for Utah centerpiece Interstate reconstruction project. The project was awarded as design-build in response to citizen's desires to minimize inconvenience and disruption, and also to prepare the heart of Salt Lake City's transportation network for the upcoming 2002 Winter Olympic Games. Funding is currently from state resources, as part of a 10 year statewide Centennial Highway Endowment Fund established by the state Legislature. Federal funds have been requested through Congress. Wasatch has employed several hundred design engineers to develop the plans and it is anticipated that all design work will be complete by early 1999.
Construction is slightly ahead of schedule.
Management from Wasatch, UDOT, and FHWA have formed partnering teams, and a Board of Directors for the project. The amount was based on the rapid progress that Wasatch Constructors has made on the project as well as the quick implementation of critical management processes key to the project's success. The greatest issue facing UDOT at this time is meeting Wasatch Constructor's cash flow schedule. While the contractor is currently below his projected maximum payout curve, he is at or above the maximum payout curve previously authorized by the Utah Legislature. This translates into the need for UDOT to increase short term bonding, or defer other projects on the Centennial Highway Endowment Fund list.