ABC13 has previously reported on issues at the crossing, where trains can stall on the tracks for hours at a time, cutting off residents' access to the school and other sites.
Eyewitness News has watched residents, including children, cut through stalled trains.
The project is estimated to cost $5.8 million, according to the City of Houston.
Documents show the city anticipates putting up $465,364.40 for the project, while Harris County Precinct 2 Commissioner Adrian Garcia's Office estimates putting up $698,046.60.
Council member Mario Castillo, who represents the area, said an attempt to secure a federal grant backing the project previously fell through.
When asked what would be done if the state grant application is unsuccessful, Castillo replied, "I would ask (Union Pacific) to step up and contribute more."
Union Pacific has completed a design for the bridge, though both the railroad and city declined to address ABC13's questions about how much the process cost.
"It's about time," John Garcia said about the proposed bridge.
Garcia told ABC13 he used to climb over stalled trains as a student at McReynolds Middle School. Now in his late 40s, he said the trains block his access to work.
The announcement comes amid efforts to build a bridge over a rail crossing near Milby High School. Fifteen-year-old student Sergio Rodriguez was killed while trying to cross in front of a train outside the school last year.
READ MORE: Family of Milby High School student killed in train crash files lawsuit against Union Pacific
"We're ready and the City of Houston's Public Works Department is ready on the Milby bridge, but it's again, Union Pacific, slowing things down. So, we're pursuing that as aggressively as we can. TXDOT has taken the lead, and we're contacting Union Pacific," Houston Mayor John Whitmire said Wednesday.
Whitmire's office declined to expand on his comment. In an email, a spokesperson wrote, "The mayor's remarks stand alone."
Addressing Whitmire's remarks, a Union Pacific spokesperson wrote, "Nothing has been delayed on the Milby project by Union Pacific. We acted swiftly to adjust our train schedule following the incident, and we paid to construct unfinished city sidewalks and build a fence in the area. We are committed to ensuring public safety around our tracks and have been active participants, even requesting meetings to keep moving the project forward with state and local partners."
Milby and McReynolds are two of nine hazardous rail crossings near schools identified by Houston ISD. ABC13 asked UPRR, the city, and the school district if efforts are underway to address the other seven crossings. None of the parties acknowledged the question.
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Editors note: A previous version of this story inaccurately stated Sergio Rodriguez died while climbing across a train. He died while crossing in front of a train.