POSTED: Tuesday, February 18, 2014 - 4:57pm
UPDATED: Wednesday, February 19, 2014 - 8:07am
PHARR, TX (KVEO NEWSCENTER 23) — Leaders from Donna and Pharr are in agreement on the purchase of the Donna bridge.
City officials signed a letter of intent yesterday to accept the sale of the bridge.
Under the agreement... Donna would give up 40 percent of the bridge revenue *and the same percentage of its debt.
Pharr would pay two and a half million dollars... And invest about six million more for improvements to the bridge.
Both cities hope to gain approval for the bridge to allow commercial trucks to cross.
“The logistics community does not care what bridge they cross," Pharr Chief Financial Officer Juan Guerra said. "They just want to cross and they want to cross quickly."
Pharr expects to pay off the cost of the improvements with the future revenue from the Donna bridge.