 The current agency was created on June 6, 1950.The MBA was authorized in 1952 to sell bonds to finance construction, which were sold on December 17, 1953, to finance the $99.8 million (equivalent to $ in ) cost of the bridge.The structure was designed by David B. Steinman and built by Merritt-Chapman & Scott for the substructure and the American Bridge Company division of U.S. Steel Corporation for the superstructure.