Building the Columbia River Crossing Project

The Columbia River Crossing (CRC) project includes constructing a replacement I-5 bridge with light rail, widening the pedestrian and bicycle path and improving closely-spaced interchanges in the five-mile corridor.

Project Benefits

Reduced congestion by up to 70 percent
No bridge lifts
6 million transit riders per year
Significantly reduced crash rates
Reduced greenhouse gas emissions
Expanded stormwater treatment
Enhanced pedestrian and bicycle path
Protection from earthquakes

Cost

The previous estimated cost for the CRC project was $3.1 - $4.2 billion. Estimates are based on when the money would be spent, assumed to begin in 2012. A proposal to reduce the cost through several design refinements would decrease the overall cost by up to $650 million. The cost does not include operation and maintenance costs.

Funding Sources

Funding a project of this size requires partnerships. Multiple sources are anticipated to help fund construction of the CRC project, including:

Federal Government
State of Oregon
State of Washington
Tolls

Tolling

Several variables can affect the amount of the toll:

Project design and the timing of construction
Amount of federal funding received
Amount of state funding received
Amount of regional and local contributions
Decisions about how toll rates should vary by type of user or by time of day
The effects of a toll on diversion whether one or two bridges are tolled

Tolling a facility requires approval by each state’s legislature. Actual toll rates will depend on a final finance plan and will be set by the Oregon and Washington state transportation commissions. Rates will be adjusted to keep pace with inflation if implemented.

Reporting to our elected leaders

The Tolling Study Committee Report was provided to legislatures in January 2010. It included public input and the committee’s evaluation of traffic effects and funding contributions of a variety of tolling scenarios.

Next Steps

A Final Environmental Impact Statement will be published in 2010 and will include refined project designs, effects to the environment and community, and a draft finance plan. Efforts to secure project funding are underway now. The earliest construction could begin is 2012. The new bridge would open by 2018.

How CRC Toll Revenues Would Be Used

Toll Revenues and Fees

Potential Toll Revenue	91%
'Pay-by-Plate' Fee Revenue	9%
Total Potential Revenue	100%

Uses of Revenue

Credit Card Fees	3%
Toll Collection Operations and Maintenance	23%
Facility Operations and Maintenance	1%
Uncollectable Tolls	5%

Net Revenue Available for Debt Service

69%

Debt Service (Principle & Interest Payments)	54%
Debt Service Coverage*	15%
Total Uses of Revenue	100%

* Debt service coverage is required by investors to ensure there is sufficient cash flow to repay the debt. If revenue targets are met, the debt service coverage may be subsequently available for other uses. However, coverage funds cannot be borrowed against to increase project funding during the construction period. Debt service coverage would first be applied to fund a renovation and rehabilitation account for future work needed beyond expected operations and maintenance costs. Any remaining coverage funds could be used for other transportation uses, subject to statutory constraints.