By Jacob Beckwith
On July 31st, the seven Metro councilors will vote to borrow $88.5 million to help pay for five transit projects that include “road diets” in and around Portland. Once approved, Metro will have to repay the loan until 2039.
To obtain the $88.5 million now, Metro will pay $140 million in principal and interest over the next 14 years. That’s nearly $50 million lost to debt service, money the agency can’t spend on capital investments or region-wide programs.
Which projects are so urgent that Metro councilors are willing to lose $50 million? One is a 0.65-mile streetcar extension on NW 23rd Avenue, Portland, a route already served by buses. Most of the budget for that project would actually go to purchase a new fleet of streetcars to be used elsewhere.
Another project shrinks 82nd Avenue from a four-lane highway to two lanes for cars, and restricts the outer lanes to TriMet buses for up to seven miles.
A third project is a new Burnside Bridge, with fewer lanes than it currently has, while keeping the bus-only lane. This leaves only one eastbound lane for 45,000 people who use the bridge daily. As it is, the bridge consistently backs up for blocks during rush hour. Taking away a lane for traffic will make congestion much worse on Burnside.
If you don’t agree with these proposed road diets and mounting debt service, let your Metro councilor know at this week’s council meeting on July 31st at 10:30.
Jacob Beckwith is a research associate at Cascade Policy Institute, Oregon’s free market public policy research organization.
