Oregon lawmakers are working to come up with $1 billion to replace the Interstate 5 Bridge, matching the commitment made by Washington last year.
Their draft plan: A bonding package comprising $300 million bonded against general funds and $700 million bonded against highway user tax revenue from the Oregon Department of Transportation.
Of course, this is a draft and things could change, but Oregon Rep. Susan McLain, D-Hillsboro, the co-chair of the Joint Committee on Transportation, believes the final bonding package will closely resemble the draft.
The $300 million would be available starting in early-to-mid 2025 and would cover costs through 2031. The $700 million would be available starting in 2031.
McLain hopes the policy bill is completed by the end of April. If approved by the Joint Committee on Transportation, it will be referred to the Ways and Means Committee to be included in an upcoming budget bill.
McLain said that “it’s still on the table” when asked if there will be a stipulation about the bridge replacement program not exceeding a certain cost.
After the previous attempt to replace the bridge died in the Washington Legislature in 2013, elected officials in Washington knew they had to make the first move this time around.
Back then, the Columbia River Crossing project’s cost was estimated at $3.4 billion, with the states putting up $450 million each. Both amounts have more than doubled since.