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$1B Proposal For Miami Tunnel Fails

MIAMI (AP) - A proposal for a billion-dollar tunnel to the Port
of Miami has gotten the ax.

State officials say they're yanking support for the project,
which would have diverted truck traffic from busy downtown streets.

The worldwide economic downturn is being blamed.

Investment bankers Babcock & Brown was to supply 90 percent of
the equity for the tunnel, but that firm's shares have lost nearly
all their value on the stock market.

Mayor Manny Diaz said the fall of the project was a big
disappointment.


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