Project Profiles

Project Sponsor / Borrower

Washington State Department of Transportation (WSDOT)

Fiscal Year Approved

Fiscal Year 2012

Mode

Toll Bridge / Highway / Managed Lanes

Description

State Route (SR) 520 is one of two major east-west roadways crossing Lake Washington, located within King County and the Seattle metropolitan area in the State of Washington. It connects major population and employment centers between Seattle and the region's eastern suburbs, including Bellevue and Redmond. The roadway extends from its western terminus at Interstate 5 eastward across Lake Washington, intersecting with Interstate 405, and continuing east to Redmond where it terminates at SR 202. Construction stretches from Seattle's University District to 108th Avenue NE in Bellevue, with restriping continuing out to Redmond.

The SR 520 Floating Bridge and Eastside plus West Approach Bridge Project includes:

• Pontoon Construction Project - Construction of 33 bridge pontoons and a 55-acre site on Grays Harbor in Aberdeen. Pontoon construction includes 21 longitudinal pontoons 360 feet in length, weighing approximately 11,000 tons, as well as 10 supplementary stability pontoons, and two cross pontoons;
• Floating Bridge and Landings Project - Construction of a new six-lane floating bridge across Lake Washington to replace the aging four- lane bridge, including construction of 44 supplemental stability pontoons and removal of the existing floating bridge;
• Eastside Project - Widening of SR 520 between the eastern shore of the lake and I-405 to six lanes, constructing three community-connecting lids and making other corridor-wide improvements to complete a transit/HOV lane in each direction; and
• West Approach Bridge Project - Construction of a permanent west approach bridge structure to connect westbound traffic from the floating bridge to the Montlake Boulevard Interchange near the University of Washington in Seattle, as well as to complete the bicycle/pedestrian path from the eastside to Seattle.

Cost

$2,722 million (TIFIA eligible project costs)

Funding Sources

Toll-Backed Bonds - $715 million

TIFIA Loan and Other Toll Funding

• TIFIA Direct Loan - $300 million
• State and Local Sales Tax Deferral - $144 million
• Pay-As-You-Go Toll Revenues - $74 million

State and Federal Funding

• Direct GARVEE - $819 million
• Federal Formula Funds - $124 million
• State Fuel Tax - $547 million

Note: individual funding sources, when totaled, amount to $2,723 million due to rounding.

Project Delivery / Contract Method

Design-build

• Pontoon Construction Project
• Floating Bridge and Landings Project
• Eastside Project

Design-Bid-Build

• West Approach Bridge North Project

Project Partner

Design-builders

• Pontoon Construction Project: Kiewit-General Joint Venture (Kiewit, General Construction Company)
• Floating Bridge and Landings Project: Kiewit/General/Manson, A Joint Venture (Kiewit, General Construction Company, Manson Construction)
• Eastside Project: Eastside Corridor Constructors (Granite Construction Company, PCL Construction Services, HW Lochner, David Evans & Associates, Perteet)

Project Advisors / Consultants

To the State of Washington

• CDM Smith - Traffic and Revenue Consultant
• Parsons Brinckerhoff - Financial Planning Consultant
• HDR - General Engineering Consultant
• Citi Group - Counselor
• J.P. Morgan - Counselor
• Montague DeRose and Associates - Financial Advisor
• Seattle-Northwest Securities Corporation - Financial Advisor
• Foster Pepper - Legal Advisor

To USDOT TIFIA JPO:

• Hawkins Delafield & Wood LLP - Legal Advisor
• Taylor-DeJongh - Financial Advisor
• Booz Allen Hamilton - Financial Advisor

Lenders

USDOT TIFIA

Duration / Status

The project is currently under construction with substantial completion expected on October 1, 2016.

TIFIA Credit Assistance

Direct Loan: $300 million

Financial Status / Financial Performance

TIFIA loan agreement was executed on October 25, 2012

Innovations

• The new Floating Bridge is designed to withstand a 1,000-year earthquake event and windstorms up to 89 mph.
• The Washington State Legislature authorized the collection of tolls on the existing Floating Bridge beginning in December 2011 to help fund and finance the construction of its replacement. Tolls will also be collected on the new bridge and contribute to its operations and maintenance. Toll collection is all-electronic and toll rates vary by day and time of travel.

Related Links / Articles

WSDOT Project Website

Pontoon Construction Project: Project Management Plan

Contacts

Amy Arnis
Assistant Secretary for Strategic Planning and Finance Ops
Washington State Department of Transportation
310 Maple Park SE
Olympia, Washington 98504
(360) 705-7000
Amy.Arnis@wsdot.wa.gov