Some $8 million in federal funding has been allocated to replace the Placentia lift bridge. (CBC)

An inspection report which led to the decision to restrict loads on the Placentia bridge — describing rot, rust, missing bolts and cracked beams – has been obtained by CBC News.

The draft report was originally obtained by Placentia resident Eric McGrath through a provincial access to information request last fall.

"I knew the bridge was bad, but I actually never thought it was that bad. I'd say a lot of people would be startled if they could see under that bridge or see some of these pictures actually,” said McGrath.

The report says the bridge has “reached the end of its life expectancy.” It also says the bridge’s railings give a "false perception of safety.”

“It's pretty scary stuff — a lot of people don't actually know what they're crossing,” McGrath told CBC News.

The November report recommended a load test, but a 13-tonne weight restriction wasn’t put in place until four months later. Government officials said it took time to finish their analysis.