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The Ramsey County Regional Rail Authority recently approved a construction contract with M.A. Mortenson to serve as Phase II Construction Manager at Risk for the Union Depot renovation project in downtown St. Paul, Minn.

“Construction Manager at Risk” is a construction method in which the project manager commits to delivering a project within a guaranteed maximum price. For the depot, that price is $148,753,916.

The total project cost includes money already spent for land acquisition and planning, as well as project contingencies. The project is being funded through a combination of county, state and federal funds, including $50 million from SAFETEA-LU and $35 million in TIGER grant stimulus funds.

The depot eventually will accommodate high-speed rail services, including the Chicago-Milwaukee-St. Paul line.

Construction on the two-year, $243.4 million project is scheduled to begin in January.