Commissions receive traffic, revenue and financing updates for Interstate Bridge project; no toll decision today

The Washington and Oregon state transportation commissions met jointly on June 5 to review a Level 3 traffic-and-revenue study and financing analyses for the Interstate Bridge Replacement (IBR) replacement project. Chair Julie Brown of the Oregon Transportation Commission said the meeting was informational and that formal rate decisions would come later.

State transportation leaders and consultants framed tolls as essential to a balanced funding strategy that would provide upfront bonding capacity and long-term revenue for operations and maintenance. "Tolling this bridge will allow Washington and Oregon to advance construction," Julie Meredith, secretary of the Washington State Department of Transportation, told commissioners and viewers. Staff identified a $1.5 billion target in toll funding needed to support the first funded phase of work.

Presenters from Stantec and WSP summarized four toll scenarios analyzed in the Level 3 traffic-and-revenue forecast. The study assumes pre-completion tolling could begin July 1, 2028, and post-completion tolling July 1, 2035, with overnight hours toll-free during pre-completion. Scenarios trade off lower initial car tolls vs higher truck multipliers and apply an annual escalation rate; some scenarios assume a 50% low-income discount on day one, while others delay it until the new bridge opens.

Debt managers from Washington and Oregon outlined financing options, including issuing state-backed toll bonds (a 50/50 split in the analysis) and pursuing a TIFIA loan from the Federal Highway Administration. Jason Richter, deputy state treasurer for Washington, said a TIFIA loan structured as a standalone toll-revenue loan would not affect state debt capacity and offers drawdown flexibility; the treasurer’s office and Oregon’s analysis indicated scenario 2 could generate the needed toll funding under conservative assumptions.

Commissioners asked detailed questions about sensitivity to early‑ vs. late‑year revenues, debt-service timing, rate-step design, and administrative costs for discounts and exemptions. Staff outlined next steps and a schedule for additional analysis by the bi-state tolling subcommittee, public engagement in 2027, and potential final adoption of toll policies later in 2027.