The city only got two bids for the major job of refurbishing the popular Walnut Street Bridge.
Bell & Associates started off the 2 p.m. bid opening at City Hall with an eye-popping offering of just over $51 million.
City officials earlier mentioned a possible $31 million pricetag for the lengthy work.
The second - and final - bid read aloud by City Purchasing Agent Debbie Talley was $34.4 million by Southern Road and Bridge.
Officials have said the bridge will be partially closed during the much-needed renovation.
The "Walking Bridge" that connects downtown with North Chattanooga has been listed in the Top 10 of America's most iconic public spaces.
Exact tabulations were:
Bell & Associates $51,036,709
Southern Road and Bridge $34,658,886
Bell & Associates Construction is located in Brentwood, Tn.
Southern Road and Bridge has its headquarters in Tarpon Springs, Fla.