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The Multnomah County Board of Commissioners and the Portland City Council today finalized a to pay for the new Sellwood Bridge.

Funding for the $290 million project, which will demolish and replace the 85-year-old bridge, will be split between several parties.

The city will pay between $80 million and $100 million, the county will pay $127 million, the state of Oregon will pay $30 million, Clackamas County will pay $22 million and the federal government will pay $11 million – for a secured total of $270 million.

The deal includes a possible $20 million in savings for the city, which will be redirected to the Portland to Milwaukie light-rail project, Portland Mayor Sam Adams has said.

Multnomah County is still looking for a source for the remaining $20 million needed for the project, officials said.

The bridge has only a two-point rating on a 100-point scale for structural sufficiency, which has led to load limits and the need for a replacement.

The funding agreement was approved by the Portland City Council on Feb. 2 and by Multnomah County on Feb. 3.

Last month, the Sellwood Bridge Community Advisory Committee recommended changes that dropped the projected costs of the effort from $331 million to $290 million. The Multnomah County Board of Commissioners unanimously approved those changes on Jan. 27.