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The Ramsey County Regional Rail Authority approved a construction contract with M.A. Mortenson to serve as Phase II construction manager at risk for the depot renovation project in downtown St. Paul, Minn.

Construction on the $243.4 million project is expected to begin in January 2011 and take two years to complete.

"Construction manager at risk" is a construction method in which the project manager commits to delivering a project within a guaranteed maximum price. The guaranteed maximum price of the depot project is $148.8 million. The total project cost also includes money already spent for land acquisition and planning, as well as project contingencies, authority officials said in a prepared statement.

The project is being funded through a combination of county, state and federal funds, including $50 million from SAFETEA-LU and a $35 million TIGER grant.

When completed, the Union Depot will consolidate several existing transportation services into one intermodal facility serving St. Paul, Ramsey County and the upper Midwest. Transit providers will include Amtrak and local and intercity bus providers. In addition, the Central Corridor light-rail line’s St. Paul terminus is expected to be located in front of the depot when the line opens.

The project also will be designed to accommodate future intercity, commuter and high-speed rail services, authority officials said.