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Funding sources are targeted from three major sources
The CRC project is seeking construction funding from three major sources: the
federal government, the states of Washington and Oregon and
user fees (bridge tolls).
The CRC is widely recognized as a nationally and regionally significant project because the project area is part of a major national and international freight route that connects Mexico to Canada. CRC’s multi-modal improvements uniquely position the project for federal
highway and transit funding.
The light rail portion of the project is expected to be funded by a
New Starts grant administered by the Federal Transit Administration.
In 2008, the CRC project began the application process for an $850 million grant
from the New Starts program.
Targeted Funding Sources and Amounts
Federal Transit (New Starts)||
$900 million - $1.3 billion
Oregon/Washington state funds
($450 million each)
CRC will continue to refine its financial plan to reflect the amount and timing of both state and federal
funding contributions to the project. CRC will work with the transportation
commissions and legislatures from both states to review the finance plan and
determine state funding sources. Washington and Oregon also have engaged their state
treasurers to assist with a
review of CRC's financial options.
In 2012, the Oregon and Washington transportation commissions
established a bi-state toll rate setting process. Additional work
will establish the timing of
pre-completion tolling and to test toll rate assumptions. An investment grade
financial analysis will occur before toll bonds are issued. CRC awarded a
traffic and revenue study contract in September 2012 to initiate the investment grade analysis.
Bi-state toll setting process agreement
Memo: Review of public testimony at March 2012 Oregon legislative committee
Project of National Significance
More about tolling
2010 Tolling Study
Independent Review of CRC Financial Plan - OR Treasurer's Report