REPRESENTING BUSINESS ISSUES
Feds Award $600M for New Interstate Bridge Connecting Oregon and Washington Written By: Jayati Ramakrishnan, The Oregonian | December 20, 2023 | Press Release T he Interstate 5 bridge replacement project got a
“By upgrading and adding lane capacity, we are enabling more regional economic growth and better day-to-day travel experiences for commuters.”
huge surge of federal funding this week, securing a $600 million grant from the U.S. Department of Transportation. The grant is the largest infusion of federal funding so far for a project with ballooning costs. The bridge is now expected to cost as much as $7.5 billion, nearly $3 billion more than previous estimates . Members of the bridge planning team, which include Oregon and Washington transportation officials, have said they plan to seek at least $2.5 billion in federal grants. The funding announced Friday is a major step toward meeting that goal. Oregon and Washington are expected to contribute $1 billion each. Planners have been counting on tolling revenue to cover most of the remaining costs.
Washington’s Congressional delegation touted the funding as an economic win for the region, while also making clear their plans for the scope of the bridge. “The I-5 bridge serves as a vital commerce link for the entire West Coast,” said Senator Maria Cantwell, D-Washington, in a statement. She noted that more than 130,000 vehicles move over the bridge daily, as well as goods grown and produced in both Oregon and Washington. “By upgrading and adding lane capacity, we are enabling more regional economic growth and better day-to-day travel experiences for commuters,” Cantwell said. Oregon Gov. Tina Kotek called the grant a “big moment for the Pacific Northwest.” “This project will help advance our goal of reducing emissions through a modern, multimodal bridge and will provide an infusion
Aerial shot of current interstate bridge connecting Oregon and Washington
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The Business Review | January 2024
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