The Puget Sound Regional Council is pledging $15 million to replace the South Park Bridge, according to a statement released today from King County Executive Dow Constantine. This bumps the total pledged amount up to $98 million of the estimated $131 million bridge cost. The PSRC funding is earmarked to cover the costs of demolishing the existing bridge.
“Over the past few months, we have worked hard to assemble funding from local and state sources to make our Tiger II grant application as strong as possible,” said Executive Constantine. “I want to thank the PSRC for providing a critical contribution to this effort. This not only puts us in an excellent position to compete for the grant, but it also helps us put people to work right away preparing the site for the eventual bridge construction.”
Here's an up-to-date breakdown of where the cash is coming from: King County ($30 million), Washington state ($20 million), city of Seattle ($15 million), State Transportation Improvement Board ($10 million), Port of Seattle ($5 million), Senator Murray's Federal DOT-HUD funding bill ($3 million), and PSRC ($15 million).