Washington Lawmakers Approve $2.5 Billion I-5 Bridge Bond Increase

Washington state lawmakers have advanced House Bill 1958, which authorizes the issuance of $2.5 billion in general obligation bonds for the replacement of the Interstate 5 Bridge over the Columbia River, a significant increase from the original proposal. The increase, driven by rising construction costs, aims to ensure the long-delayed project remains on schedule, with permits expected by 2026 and construction anticipated to last until 2032. The estimated cost for the new bridge ranges between $5 billion and $7.5 billion, with funding commitments from Washington and Oregon totaling $2 billion and federal grants of $2.1 billion. Tolls, projected to generate at least $1.2 billion, are set to begin on the existing bridge as early as spring 2026 to help repay the bonds. Lawmakers emphasize the need for adequate financial resources to avoid potential funding shortfalls due to inflation and rising costs. The bill now moves to the Rules Committee for a potential floor vote.