CONSTRUCTING the iconic Mersey Gateway and funding the project for the next 30 years will cost Merseylink £1.86 billion, the Mersey Gateway Board has confirmed.

Halton Council will only have to start paying monthly fees, when the bridge opens in three and a half years.

The Government will fund this through annual grants to the council.

The estimated cost of £600 million only covers the cost of land and construction of the six lane crossing.

Interim chief executive of Mersey Gateway Crossings Board, Steve Nicholson, who has led the project through the planning and procurement phases, said: “We don’t pay Merseylink for the construction work.

“They actually pay for that themselves and fund it out of the support they have from banks.

“The financial arrangement is a bit like buying a house and paying mortgage payments. We will only start payments when the bridge opens.

“Merseylink is taking all the risks, building the bridge for the money they think they can build it for."

He said Merseylink is responsible for the design, build, finance, operation and maintenance of the new bridge and associated road infrastructure until 2044.

The consortium also has to provide and manage tolls on both crossings. Tolls will contribute the majority of funding.

Mr Nicholson, who becomes a part time advisor next month handing over to David Parr, chief executive of Halton Council, said: “My expertise is in structuring deals. This has been the highlight of my career.

“It is fantastic to see it all happening.

“It is exciting, the biggest infrastructure of this scale outside London.

“I am very proud of the whole project.

“It has been rewarding because people I have worked with have had a clear view and wanted this to happen.

“We have a very strong construction team.

“Mersey Gateway will be iconic. People will instantly recognise Halton as being associated with the new bridge.

“When people set up businesses and factories, Halton is on the map.

“This crossing will be renowned internationally. “