The City of Saskatoon is getting help from both the federal and provincial governments to fund two major bridge projects in the city.

The city will receive up to $66 million through the federal government's P3 Canada Fund, while the province of Saskatchewan will contribute $50 million to the projects.

Saskatoon north bridge

This is the site for this morning's announcement. (City of Saskatoon)

This morning, Saskatoon Mayor Don Atchison, Federal Minister of Agriculture Gerry Ritz, Saskatoon-Humboldt MP Brad Trost, and Saskatchewan Premier Brad Wall made the announcement at the Meewasin Valley Trail.

The project involves both the replacement of the 107-year-old Traffic Bridge and the development of the North Commuter Parkway. It will also include work on connecting roadways.

In a news release, Premier Wall called the deal an innovative project. while praising the value of P3 partnerships.

"Saskatoon is one of the fastest growing cities in Canada and the North Commuter Parkway Bridge will help sustain that growth by connecting residential neighbourhoods to the expanding industrial area in the city's north end," Wall said in a release.

The city says it expects these two bridge projects will help reduce traffic congestion and travel times. 

"This bundled bridge project is the first of its kind in Canada," Mayor Atchison said in a release. "It will shorten commutes, cut fuel cost, grow the economy and improve our quality of life."

Construction of the North Commuter Parkway and the Traffic Bridge is expected to take two years.

When the city made its application, the proposal had a total price tag of $250 million. It's estimated the North Commuter Bridge would handle about 40,000 vehicles per day.

Traffic Bridge Saskatoon

107-year-old Traffic Bridge. (Peter Mills/CBC)