Archive for June 20th, 2012

June 20, 2012

“We Can’t Afford the Local Contribution.” A Conversation Between Robert Dean and Mayor Tim Leavitt

by lewwaters

 

Presented in whole by request and as sent to me by Robert Dean:

From: Robert Dean

Sent: Monday, June 11, 2012 8:07 AM

To: Leavitt, Tim

Cc: Smith, Larry; Holmes, Eric; Burkman, Jack; Harris, Jeanne; Stewart, Jeanne;

Hansen, Bart; Turlay, Bill

Subject: Funding for light rail – we can’t afford the local contribution

In the Columbian – “The project expects the federal government to contribute the $850 million needed to build the line.”

Sound enticing? Not if it’s going to cost us, the local community, Clark County taxpayers a minimum of $2.6 billion to get that $850 million from the feds (gas tax money we have already paid).

Tolls are slated to pay for the $1.4 billion local contribution. According to the CRC here we will have to pay $2.6 billion (46%) in tolls in order to raise the $1.4 billion principal on the bonds. Note, that does not include interest at 5% over 30 years, operation and maintenance of the bridge, highway and light rail system, cost overruns (usually 30%), and the fact that Oregon wants to raise its share ($750 million plus interest) with a TIFIA loan paid back by Clark County commuters with tolls.

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