The New Tyne Crossing will be part-financed, designed and constructed by TT2, the consortium of businesses that was successful in the tendering process undertaken by the project's promoter, the Tyne & Wear Passenger Transport Authority.
The consortium will now become known as the Concessionaire because it has won the right to operate and maintain the existing vehicle, pedestrian and cycle tunnels and to use the money raised from tolls to begin funding the construction of the second vehicle tunnel and the refurbishment of the existing. The Concession will run for about 30 years.
The New Tyne Crossing represents a £260 million capital investment in road infrastructure in Tyne & Wear. |
