Archive for August 31st, 2012

August 31, 2012

HOW MUCH FOR THE LOCAL CONTRIBUTION?

by lewwaters

 

Contributed by Professor Robert Dean

 

HOW MUCH FOR THE LOCAL CONTRIBUTION?

What are the direct costs of the CRC light rail project to the local community?

Frankly, I don’t concern myself too much about the projected $4.2 billion price tag[i] of the CRC light rail project. If the feds want to further squander our gas taxes, or borrow from China, there’s not much I can do or say that would dissuade them. I got a little more concerned, though, when, in 2010, Joe Cortright alerted us that the total 30 year cost of the CRC light rail project would approach $10 billion.

He published his report and it caught the attention of the public and the CRC. The CRC, by way of ODOT, posted a weak refutation, mostly arguing semantics; if you buy a house for $300,000 you don’t count up the mortgage payments and say you are living in a $600,000 house. To which Mr. Cortright answered: no, but you’d better be sure you can make those payments before you borrow to buy the house.

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