7.3 miles long, 10 stations + 1 in the future
Ridership forecast: 27,400 daily trips (probably boardings)
Total estimated cost: $1,417 billion, Federal share $850 million
(60%) - aren't you glad to help?
Most expensive component: Willamette River Bridge: $110 million
Largest local funders: Lottery bonds - $250 m; Metro Regional gov -
$72 m; City of Portland - $30 m; TriMet Transit $30 m; Clackamus
County - $25 m; City of Milwaukie $5 m; unspecified in article $155 m.
Construction period: 2011-2015
- Jerry Schneider -
Innovative Transportation Technologies
http://faculty.washington.edu/jbs/itrans
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Portland has learned how to play the grant-getting game with the Feds
over the past couple of decades. They are getting strong support from
their members of Congress as well as strong support from a wide range
of local elected officials, the citizens of Portland and the OR legislature.
They have learned how to do the paper-work, jump through the federal
hoops and treat the visiting FTA officials well. I doubt that they
are making much progress in solving their growing congestion problems
but they sure are winning the grant-getting game. And they are making
streetcars and have sold 12 of them already - with a potentially huge
market opening up in the U.S.
Unless Bombardier jumps in and offers a "better" product for less money.
Kirston Henderson
MegaRail® Transportation Systems, Inc.
Not sure how to define "giant of pork" but they are unified,
aggressive, know how to get
the job done, are capable of making their case personally to the
relevant FTA officials,
and being Dems and unified on this subject does help these days. And,
DeFazio is chair
of the most relevant transportation subcommittee in the House.
Having two very interested Senators that are Dems helps as well. This
project was approved first by
the Metro Council in 2003, the legislature put up the $250 m in
lottery bonds in 2007 and
the application for federal matching funds was submitted in 2008.
Construction is to
begin in 2011.
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It was the legislature that approved the sale of lottery bonds in
2007. Perhaps they didn't see the financial mess coming at them.
If the lottery revenues are not judged by the rating agencies to be
sufficient to make the bond payments, then their rating would not be
very good and savvy investors would not purchase them
(theoretically). If they are insured (like the LV monorail bonds),
maybe the rating would be better. Of course, the federal money is not
actually in the bank yet (so far as I know) so maybe the feds will
decide not to go through with the project, if they can wiggle out of
it. I suspect they have more between their ears than sawdust.
Could you please tell us what "lottery bonds" are.
They are bonds that are paid off with revenues from the state-run
lottery. Also known as "revenue bonds". So far as I know.
>> Jerry,
>>
>> Could you please tell us what "lottery bonds" are.
>
> They are bonds that are paid off with revenues from the state-run
> lottery. Also known as "revenue bonds". So far as I know.
>
That is a little different from my understanding. Revenue bonds, as I
generally know them, are bonds that are repaid from revenue produced by the
toll road or guideway system for which they are issued.
Kirston Henderson
MegaRail®
You might be correct. I will try to find out more about them. I do
think that the legislature
decides how to allocate the revenue from the Oregon lottery, periodically.
Here is the law that describes the meaning and use of Oregon lottery
bonds - they are used
to fund lots of types of infrastructure projects, as directed by the
legislature.
http://www.leg.state.or.us/99orlaws/sess0700.dir/0702ses.html