00:00What we have with the agreement with the U.S. is as follows, and let me start with what it
00:07is.
00:07It's not splitting the tolls of the bridge. It is an agreement for 15 years to split net revenues.
00:16Splitting of tolls, any sharing of the toll revenue won't happen until all of the debt, all of the debt
00:24is repaid.
00:25We will split net revenues over the course of the first 15 years, and those net revenues are after operational
00:32costs.
00:33So it's manning the toll boost, it's maintenance, it's snow removal, a series of other operational costs.
00:41We expect that after those costs, for the first few years, net revenues will be modest.
00:47In fact, we expect them to be negative, you know, as traffic ramps up.
00:52So negative to modest in the first few years.
00:55And what's been designed is an alignment of incentives so that when the splitting begins,
01:03all of the portions that go to the U.S. government will be reinvested in economic development, regional economic development,
01:11in the area, the U.S. side of the area, obviously, which is pro-cyclical.
01:16It reinforces, you know, more traffic, more traffic, higher revenues, more investment, and that's the way it moves forward.
01:25The underlying agreement that we have with Michigan remains the same.
01:31And so no sharing of tolls until all the debt is repaid.
01:38So it's a good deal for both sides.
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