Parkersburg City Council President Zach Stanley, left, speaks during Tuesday’s council meeting at the Municipal Building as Councilmen Chris Rexroad and Austin Richards listen. (Photo by Evan Bevins)

PARKERSBURG — The first reading of an ordinance authorizing the sale of the Memorial Bridge to a private entity was approved on first reading by Parkersburg City Council on Tuesday.

Council voted 8-0, with Councilwoman Jessica Cottrille absent, to approve the contract with United Bridge Partners of Colorado, which proposes giving the city $4 million for the span and commencing an approximately $50 million rehabilitation project to keep the bridge operational for at least another five decades.

Among the provisions of the sale is that UBP, which has established a local subsidiary to manage the toll bridge, will establish a fund to cover the eventual demolition of the bridge. Councilwoman Wendy Tuck asked what would happen to that fund if the company resold the bridge.

“Are we stuck if we don’t get it paid?” she said.

City Attorney Blaine Myers said the city will have “a secured interest” in the fund. The agreement’s language includes safeguards against UBP or any successor using the fund for an unauthorized purpose.

Parkersburg Mayor Tom Joyce makes a point during discussion of the Parkersburg/Wood County HOME Consortium budget at Tuesday’s Parkersburg City Council meeting. (Photo by Evan Bevins)

“The demolition fund will be set aside and dedicated to the sole purpose of demolishing the bridge,” Myers said. Any “successor would be subject to the same terms and conditions and would have to continue to fund the demolition fund.”

Myers added that he is satisfied the agreement will ensure “that we don’t end up with a bridge that can’t be demolished.”

Council President Zach Stanley added that while UBP plans to relinquish any claim on the more than $5.3 million in the city’s demolition fund for the bridge, there is nothing prohibiting them from holding that money back to use in case of an emergency involving the bridge.

Under a proposal made public in late April, UBP would take control of the bridge and begin a rehabilitation project including complete replacement of the deck surface, structural and cosmetic upgrades to all concrete and steel components and new lighting. Bridge expenses would continue to be covered by the toll revenue, with any profit split 50-50 between the city and company.

Once the rehabilitation project is completed, with a target date of October 2023, the bridge would transition to an all-electronic, open-road tolling system that will not require vehicles to stop. Rates will remain the same during the project, but are expected to increase to $1 when the new system is in place.