Construction delays and repairs necessary to four massive floating pontoons already installed as part of the Highway 520 bridge project will likely more than eat up the remaining $100 million left in reserve for the project, which now comes with a $4.25 billion price tag, the Seattle Times said.
In addition, the estimated completion date of late 2014 has been pushed more than a year to April 2016, Washington Department of Transportation officials said.
The project, which was already running over budget, came with $250 million in reserves for change orders and other unforeseen problems. The latest setbacks come after $150 million of that reserve fund has already been used up.
The latest problems will cost an estimated $128 million to fix, putting the reserve fund $28 million in the red. Washington DOT spokesman Lars Erikson said the department has not yet decided how to close the budget gap -- and added officials think it's best to wait and see just how close the real world cost of fixing the pontoons is to the estimate.
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