Bipartisan Compromise Reached On Much Needed Transportation Bill

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DENVER (CBS4)- After years of gridlock, Democrats and Republicans appear to have reached a compromise on transportation funding. The move comes in the final days of the legislative session at the state Capitol.

"I'm happy we're well on the way to getting a roads and transportation package done - through the House, through the Senate and on the way to the governor here within the next couple days," said Republican Senate President Kevin Grantham.

The compromise - hammered out by Grantham and Democratic Speaker of the House Crisanta Duran includes $495 million for roads this year, $150 million next year and $50 million for each of the next 20 years.

(credit: CBS)

In the first two years, 70 percent of the money goes to Colorado Department of Transportation while the rest goes to local governments, with half of that in the form of grants for transit or bike lanes.

Lawmakers would also ask voters to approve a $2.3 billion bond proposal next year if voters don't approve a tax increase this November.

"It's been wonderful to work with you Mr. President. We started this last session and this session we were able to deliver a result to the people of Colorado as it relates to transportation funding," said Speaker Duran.

The legislative session ends Wednesday.

Shaun Boyd is CBS4's political specialist. She's a veteran reporter with more than 25 years of experience. Follow her on Twitter @cbs4shaun.