House approves 520 bridge-replacement funding framework

Late this afternoon, the House approved legislation introduced by Rep. Judy Clibborn (Mercer Island), chair of the Transportation Committee, that outlines a funding framework for the replacement of the SR-520 bridge across Lake Washington, including the authorization to begin tolling.

On the House floor, Clibborn and Rep. Larry Springer both made reference to this being a historic decision, capping more than 10 years of discussions and analysis of how to replace the 1963-built bridge, which is vulnerable to failure in a severe earthquake or windstorm.

The bill allows for early tolls (that is, before the new bridge is in place) in order to back the sale of bonds to finance the construction of the floating bridge. The idea of early tolling is a new concept for Washington, but polling conducted last summer showed well over sixty percent of area residents supported the idea of early tolling, as it would result in a lower overall price tag for the bridge replacement. Using today’s dollars to begin construction is less expensive than borrowing money now for construction to pay back with toll revenue that starts in the distant future. In the latter scenario, toll rates would be much higher.

The project is capped at $4.65 billion with HB 2211, a significant portion of which will be paid for with existing state dollars, such as gas-tax revenues, in addition to tolls. A 520 workgroup is also created in the bill, which will recommend bridge design options and a specific financing strategy by January 2010. The bill now goes to the Senate, which is expected to approve it as well.