CRC project staff and Departments of Transportation in both Oregon and Washington have been putting the estimated cost of the new I-5 bridge and highway expansion project at about $3.6 billion; but a new study shows that the the project could end up costing as much as $10 billion.
The report was commissioned by Plaid Pantry CEO Chris Girard and the research was done by economist Joe Cortright for Impresa, Inc. Here’s an excerpt by Girard taken from the report’s cover letter (emphasis mine):
The report documents the unfortunate fact that the proposed CRC project’s real costs are more than double the widely-accepted figure of $3.6 billion. In reality the current design for the project will cost in the range of $8 billion to $10 billion, or more, and there is no available source of revenue to pay for it. The financing plan is a guess at best, and the revenue projections are significantly flawed with bad assumptions and unacceptable risk at every step. The numbers and analysis underpinning this project simply do not add up to a happy ending.





