Independent Review of CRC Financial Plan

Governor Kitzhaber asked the Oregon State Treasurer to conduct an independent review of the Columbia River Crossing Project's financing plan. The treasurer’s office provided its report to Governor Kitzhaber on July 20, 2011. The treasurer’s office and its independent consultants validated much of the CRC’s work, and also made tangible recommendations that reduce and manage financial risk. The review found that the CRC’s tolling financial projections should be adjusted to account for the depth and length of the current economic recession. New funding sources were also suggested. Governor Kitzhaber accepted the more conservative financing plan that helps clarify the path to move the project forward.

CRC incorporated the treasurer’s recommendation to level the debt service and reflected that adjustment in the project’s Final Environmental Impact Statement (EIS). CRC’s tolling financial projection in the Final EIS reflect the stalled economic growth. An investment grade analysis will be conducted prior to bonding.

Governor Kitzhaber also requested that CRC describe how the project can be adapted to available resources. CRC will develop a project sequencing plan that describes how project elements will be funded according to anticipated cash flow and engineering realities. The project will be prepared to discuss the sequencing plan with both governors and their interim legislative committees in 2011.

Independent Review of CRC Financial Plan

Related Links