Keaton PetersThe cost of a bridge replacement in the Pacific Northwest is going up, with lawmakers set to allocate another $900 million for the project. Washington state legislators are advancing a proposal to issue up to $2.5 billion in bonds for the Interstate 5 Bridge Replacement Project, a significant increase from the $1.6 billion initially proposed. House Bill 1958 would create a dedicated financing structure to fund the design, right-of-way acquisition and construction of a new bridge spanning the Columbia River between Washington and Oregon.
The bill establishes a framework for issuing state bonds that would first be repaid with toll revenue and then, if necessary, with fuel taxes and vehicle-related fees. Significant cost increases on major highway and bridge projects in recent years drove lawmakers to recalibrate to a higher bonding capacity. The House Transportation Committee has already approved the bill, which now heads to the Rules Committee and is likely to go to a floor vote in the coming days.
The aging Interstate 5 bridge across the Columbia River from Portland, Oregon, to Vancouver, Washington, has long been identified as a critical transportation bottleneck requiring replacement. As one of the most important north-south corridors on the West Coast, the bridge serves as a vital link for freight, commuters and travelers, but its current structure has raised concerns about safety and capacity.
The need to replace the I-5 bridge is not an isolated case. Across the river in Oregon, the state department of transportation recently published a report warning that the pace of bridge repairs and replacements is not fast enough. The report calls for 1,000 bridge replacements by 2050, with costs increasing from inflation the longer projects drag on.
Project planners have estimated the total price tag for replacing the I-5 bridge will range from $5 billion to $7.5 billion, with a likely figure of around $6 billion. Permits are anticipated by 2026, and once construction begins, it’s expected to last until 2032.
Under the proposed bill, the state finance committee would supervise the issuance, sale and retirement of bonds, with proceeds deposited into the Interstate 5 Bridge Replacement Project account. The legislation provides flexibility in financing approaches, including the possibility of leveraging federal Transportation Infrastructure Finance and Innovation Act loans that would be repaid solely from toll revenues.
The bill creates the Interstate 5 Bridge Replacement Project Toll Facility Bond Retirement Account in the state treasury to manage debt service payments. The state finance committee would certify the required amounts for principal and interest payments annually.
The bond measure is only one component of the funding strategy for the project. According to the legislation, “a variety of revenue sources and financing mechanisms will be required for Washington to provide its full share of the costs.” Washington and Oregon have each committed about $1 billion to the project, and the states have secured federal grants totaling $2.1 billion. Additionally, tolls are expected to raise at least $1.2 billion of the current projected cost.
Photo Courtesy
Doug Kerr via Wikimedia Commons
Creative Commons Attribution-Share Alike 2.0
