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Six construction workers died after the nearly 50-year-old bridge collapsed in seconds after being struck by a cargo ship that had lost power.
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The Red Line is unaffected, for now.
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The bill will allow the city solicitor to implement certain rules to reap funds.
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If the law passes, the company could owe up to $854 million.
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“The people of Baltimore know all too well the impact caused when vital transportation infrastructure is lost,” Lt. Gen. Scott A. Spellmon, the commanding general of the U.S. Army of Corp Engineers, said.
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The collapse of the Key Bridge is causing traffic headaches for commercial vehicles.
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The FHA determined the project will not significantly impact the surrounding community, natural, or cultural resources.
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The Baltimore Banner observed 40 tanker trucks going through the Baltimore Harbor Tunnel, including more than a dozen with hazmat placards typically prohibited from driving through the underpasses.
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Transit officials had previously announced the Red Line could run as rapid rail buses, but the Moore-Miller administration nixed that idea after community input.
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A group of transit advocates is calling on the Maryland Transportation Authority to think bigger in its request for proposals for the Key Bridge rebuild.