The sluggish economy could save Hamilton County millions on an I-69 overpass.

Bids came in 40 percent less than expected on the Olio Road overpass, and the County Commissioners on Monday took steps to award the contract to Boggstown, Ind.-based Beaty Construction for $8,485,414. Estimates had pegged the cost of the overpass connecting Fishers and Noblesville as high as $15.5 million.

County Attorney Mike Howard said the lowered price means officials no longer will have to issue bonds to cover part of the cost. Instead of obtaining an $8.1 million bond, officials will use only cash from its major-bridge fund and $1.5 million from Noblesville.

The advantage of paying by cash is that the county will be able to use the money saved on this project to build another large bridge years sooner than expected.

Money from the major-bridge fund would have paid back the bond at about $630,000 a year for 20 years. He said that’s a huge savings.

The bridge fund grows at $2.6 million a year through property taxes and pays for the biggest projects. The last three overpasses funded were the 146th Street overpass at U.S. 31, and the 116th and 146th bridges over the White River.

Construction on the four-lane Olio overpass could start this summer and finish in 2010. The cost also includes expanding Olio north of the overpass to four lanes up to Tegler Boulevard and intersecting that street with a roundabout.

Noblesville officials hope the bridge will attract economic development to hundreds of open acres along Olio. Growth at the nearby I-69 interchange, Exit 10, took off this decade in both Noblesville and Fishers. Developments include the Hamilton Town Center mall, the $42 million St. Vincent Northeast Medical Center, the Saxony commercial/residential development and several corporate headquarters and offices in the Noblesville Corporate Campus.

The Olio overpass will bypass the busy I-69 interchange, and will not have direct access to I-69.