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Project Profile: Portland Streetcar

Portland Streetcar - Portland, Oregon

photo credit: Portland Streetcar Website

Location

Portland, Oregon

Project Sponsor / Borrower

City of Portland

Program Areas

Alternative Project DeliveryProject FinanceValue Capture

Mode

Streetcar

Description

The Portland Streetcar project is a 14.7-mile streetcar network connecting regional activity centers, including the city's Pearl District, Legacy Good Samaritan Hospital, Portland State University, South Waterfront, and the Oregon Museum of Science and Industry in Downtown Portland. The initial 4.8-mile segment opened in 2001 as North America's first modern streetcar line and is credited for its contribution to the revitalization of the city's Pearl District. Subsequent extensions opened in 2005, 2006, 2007, and 2012. Pending funding, a southern link over the Willamette River is planned in conjunction with Tri-Met's Orange Line light rail extension, which will complete the Portland Streetcar Loop. Today, the streetcar network operates as two separate lines with 76 stations and 16 vehicles.

As part of an innovative funding package, 13.9 percent of the streetcar network's $251.4 million project cost was funded by a Local Improvement District (LID). In addition, 8.2 percent of the streetcar network's total project cost was funded by Tax Increment Financing (TIF). For the initial phase of the streetcar network, the City designated a TIF district in the South Park Blocks area targeted for redevelopment and placed a lifetime cap on property tax revenues levied in the area. Property tax revenues in excess of those that were currently being levied are dedicated to capital improvements in the area, including the streetcar.
Cost

$251.4 million

Funding Sources

Federal

  • Federal Small Starts - $75 million
  • Federal Transportation Funds - $5 million
  • Department of Housing and Urban Development Grant - $1.95 million

State

  • Oregon DOT Funds - $20 million
  • Connect Oregon - $2.10 million

Local

  • Tax Increment Financing - $21.5 million
  • Local Improvement District - $34.90 million
  • Portland Development District - $27.68 million
  • Regional Transportation Funds - $13.62 million
  • City Parking Bonds - $28.6 million
  • City Parking Fund - $2.0 million
  • City General Fund - $1.8 million
  • City Transportation Fund - $1.7 million
  • Tram Transfer - $0.15 million
  • Transportation Fund - $0.60 million
  • Land Sale - $3.1 million
  • Transportation Systems Development - $2.5 million
  • Other City Funds - $6.11 million
  • Gibbs Extension Savings - $0.66 million
  • Miscellaneous - $2.45 million
Project Delivery / Contract Method

Construction Manager/General Contractor (CM/GC)

Private Partner None
Project Advisors / Consultants

Stacy and Witbeck (GC/CM)

Lenders

Bondholders

Duration / Status

Initial segment opened in 2001. Subsequent extensions opened in 2005, 2006, 2007, and 2012.

Financial Status

Closed

Innovations
  • 13.9 percent of the streetcar network's total project list of $251.4 million was funded by a Local Improvement Districts (LID).
  • 8.2 percent of the streetcar network's total project cost was funded by Tax Increment Financing.
Related Links / Articles

Portland Streetcar Website

Contacts

Dan Bower
Executive Director
Tel: (503) 869-0820
dan.bower@portlandstreetcar.org

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