Are you sure?

City officials pick HUF 20 billion bid for Margaret Bridge renovation

City officials have picked an offer of more than HUF 20 billion - the cheaper of two bids - in a tender to renovate Budapest's Margaret Bridge, sources at City Hall told MTI on Thursday.

The city had estimated the project would cost just HUF 13 billion, of which HUF 6 billion will come from EU funding.

The winning bid does not include the required 10% reserve, the HUF 650 million estimated cost of renovating statutes on the bridge, the HUF 675 million cost of building a temporary tram track and the HUF 150 million cost of ornamental lighting, MTI learnt.

Deputy-mayor Miklós Hagyó said earlier that the city's engineering company estimated the cost of the renovation could exceed the target by 30-50%.

The renovation is planned to start in July and the bridge is scheduled to re-open to car traffic in August 2010. (MTI-ECONEWS)