Monday, October 20, 2014

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Lady Bird Lake boardwalk bids exceed bond allotment

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TWC News: Lady Bird Lake boardwalk bids exceed bond allotment
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Bids to build a boardwalk along Lady Bird Lake are millions of dollars above what voters approved for the project in 2010.

Early numbers from Austin Public Works show eight companies made offers to build the seven-thousand foot boardwalk. Bids range from $20.7 million to $25.9 million.

Council Member Mike Martinez says the $3 million to $4 million will likely be covered by money left over from other projects or interest the city's gained from the full bond package voters passed.

"If you can imagine $90 million in an interest-bearing account, that's substantial funds and interest coming in," council member Mike Martinez said.

More than $3 million has been spent by the city to design and promote the project.

Public Works officials are certifying that the bids meet all the requirements for the boardwalk, which could take another week.

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