Rhode Island will pursue a U.S. Department of Transportation (USDOT) National Infrastructure Project Assistance discretionary grant (Mega Grant) to fund 60% of the copnstruction costs of a new Washington Bridge.
The Rhode Island Department of Transportation (RIDOT) has also updated its estimate for the costs of the Washington Bridge demolition and rebuild to include a change of scope, contingency dollars, and construction incentives.
The new estimate calls for $40.52 million for the demolition and $368.3 million for the design-build.
To stabilize the current bridge and account for both state and municipal safety and transportation-related expenses, $46 milion would be required.
This brings the total estimate to $454.82 million.
The initial estimate was $250-$300 million.
Rhode Island's application for the grant will request $220.9 million in funding toward the project.
Gov. Dan McKee also submitted a budget amendment to authorize a GARVEE bond, which will allow Rhode Island to borrow against future allocations of federal transportation infrastructure funding.
The bond will be up to $334.6 million in the event that Rhode Island is not awarded the Mega Grant.
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Source: ABC 6
