Portland borrowing even more for empty streetcar line
It's beyond bad policy. It's positively obscene. But the Portland City Council's about to go to the banks for yet another $5.4 million to blow on the eastside streetcar, which from all appearances is an unmitigated flop:
Authorizing the issuance of up to $5.4 million in revenue bonds to finish funding the Close the Loop project that will connect the westside and eastside Portland Streetcar lines over the new transit bridge being built across the Willamette River. Improvements to be financed include: automatic train stop vehicle safety upgrades, the Stephens Turnback connecting the southernmost streetcar track on Southeast Martin Luther King Je. Boulevard. to the track on Southeast Grand Avenue at Stephens, and connections to the Portland-Milwaukie Light Rail bridge. The bonds are to be back by the full faith and credit of the city and are expected to be refinanced with longterm bonds within three years.
"Revenue" bonds? What "revenue"? Nobody's riding the stupid thing.
It's time for a moratorium on all things streetcar in Portland. But given that the incoming mayor has been pimping streetcars for a living around the world, that isn't going to happen. And so onward toward bankruptcy we march. It's too bad that the voters don't get as worked up about gross financial incompetence as they do about fluoridated water.
Comments (12)
"The bonds are to be back by the full faith and credit of the city..." Even excusing the typo, that's a pretty scary assessment. Of course, I'm not surprised that these dingbats are going for the credit so long as they can find someone insane enough to offer it. After all, it's not like they personally are going to be held responsible for the mess after they move on.
What's even more obscene is the likelihood that the city council will, as usual, vote unanimously for every crazy thing Adams tries to cram into his last days in an effort to seal the city's fate.
"Back by the full faith and credit of the city" seems to be a phrase used to describe the position the bondholders will have in the line of Portland's creditors. Somewhere down the block and around the corner.
That's the excuse we've been using to sell trillions of bonds and T-bills at the Fed level also.
"It's time for a moratorium on all things streetcar in Portland."
Last election, Portland voted YES on every tax increase just about. The types running city govt see this as a mandate for every stupid spending proposal.
Besides it always more fun spending other people's money now when you can make future generations of other people pay for it later.
How are they revenue bonds if they are backed by the full faith and credit of the city? Sounds more like general obligation bonds to me. Bad reporting if that is the case. If they truly were revenue bonds, they wouldn't have much success in relying on revenue from the streetcar.
Revenue? Seriously?
There couldn't possibly be enough riders to generate the revenue to repay the bonds! The cars will be rusted hulks, and the tracks will be pried up out of the concrete to be sold for scrap before that happens.
Hi Ho Hi Ho it's off to bankruptcy we go!
It's time for a moratorium on all things streetcar in Portland. But given that the incoming mayor has been pimping streetcars for a living around the world, that isn't going to happen. And so onward toward bankruptcy we march
Of course Charlie Hales will probably be living in Australia with Fred Hansen by the time the City declares Chapter 9 along with TriMet, who will probably sell off the buses and bus garages.
Maybe that is why there is a push to move TriMet's management into leased space in downtown Portland. Because when TriMet hits Chapter 9, they can sell off Center Garage as an asset to repay creditors, and I know there are people who would love to buy up that property if it were for sale. (Union Pacific has had their eyes on that property for a long time to expand their intermodal facility. Which is why the old roundhouse got torn down so they could pave it over. And PGE is cramped in their location but it's very central to their needs, so I'm sure they would love to buy up TriMet's space right next door and expand.)
In the last 72 hours I have surveyed, read and cross related a number
of media items – movies, articles and government stuff.
Cannot decide which the following is more fictional or fantasy:
1. “How to Train Your Dragon”, Turner Broadcasting.
2. “Evacuate Earth”, National Geographical Channel
Following from Lake Oswego City Council (2011-2012)
2012 Dec 04 Tuesday 6:00 PM meeting agenda items including:
3. 7.1 – Resolution 12-60, Comprehensive Plan Update
– Public Hearing on Economic Vitality Goals and Policies
4. 7.2 – Resolution 12-65, Adoption of 2013 Master Fees and Charges
Where is budget committee review
suggested at 2012 May budget hearings?
5. 7.3 – Ordinance 2601, Foothills Urban Renewal Plan Adoption
Watch testimony on 2012 Dec 04 Tuesday.
Will Riverdale School District accept cut-through traffic off
OR Hwy 43 in front of Riverdale Elementary School without
Williams Dame & White along with City of Lake Oswego
paying for mitigation?
Will 2011-2012 LO City Council (dotted quad) ream
West Linn commuters that will confront policy approved
congestion on OR Hwy 43 / State St?
See policy and letters/emails (ODOT, Metro) on
MMA(s) – Multimodal Mixed Use Area(s).
Thank heavens Lake Oswego and Clackamas County in the 2012 Nov
election(s) has about come to their senses financially with respect to
streetcar and urban renewal. Cross relate “subsidy” with “ketosis”
in Oregonian Article “The High Cost of Dying” Part 2 of 2 (2012 Nov 30 Fr).
Source article San Jose Mercury News http://www.mercurynews.com/cost-of-dying/ci_21905632/cost-dying-simple-act-feeding-poses-painful-choices
I shudder to contemplate if terms in US DOT / TriMet
Full Funding Grant Agreement(s) – FFGA(s) and unspecified
Memorandum(s) of Understanding – MOU(s) documents between
regional, county, and municipal entities had been implemented and
overseen by rail / urban renewal / sustainability devotee(s).
Charles Ormsby (Skip)
Sentinel Skip
(Birdshill / Riverdale, OR 43, and LO Urban Growth Mgmt Area)
EM: sentinelskip@gmail.com
There is no serious attempt being made to get the streetcar system to pay for itself. Slack to nonexistent enforcement re. fares, a ridiculous price of $1.00 per ticket (reduced from $2.00 when prices are going up everywhere), non-paying riders. They might as well make it free and just admit that the citizens of Portland are underwriting the demmed thing (with, of course, the help of those magic federal dollars).
Portland Streetcar LLC should be ashamed of itself. Its board members are shamelessly driven by how close they can run these things to their businesses and how nice a board position looks on their resume.
Australia is nice...spent 10 months there 20+ years ago. Some of the roads in the bush need some tending to though. But no more so than in SE Portland.
I wonder if I can ask for political asylum from Portlandia?
Villa Antinori, Toscana 2011
Pete's Mountain, Elijah's Reserve Cabernet, 2007
Beaulieu, George Latour Cabernet 1998
Januik, Merlot 2011
Torricino, Campania Falanghina 2013
Edmunds St. John, Heart of Gold 2012
Chloe, Pinot Grigio, Valdadige 2013
Edmunds St. John, Bone-Jolly Gamay Noir 2013
Kirkland, Pinot Grigio, Friuli 2013
St. Francis, Red Splash 2011
Rodney Strong, Canernet, Alexander Valley 2011
Erath, Pinot Blanc 2013
Taylor Fladgate, Porto 2007
Portuga, Rose 2013
Domaine Digioia-Royer, Chambolle-Musigny, Vielles Vignes Les Premieres 2008
Locations, F Red Blend
El Perro Verde, Rueda 2013
Chateau Ste. Michelle, Indian Wells Red 2010
Chloe, Pinot Grigio, Valdadige 2013
Edmunds St. John, Bone-Jolly Gamay Noir 2013
Kirkland, Pinot Grigio, Friuli 2013
St. Francis, Red Splash 2011
Rodney Strong, Canernet, Alexander Valley 2011
Erath, Pinot Blanc 2013
Taylor Fladgate, Porto 2007
Portuga, Rose 2013
Domaine Digioia-Royer, Chambolle-Musigny, Vielles Vignes Les Premieres 2008
Locations, F Red Blend
El Perro Verde, Rueda 2013
Chateau Ste. Michelle, Indian Wells Red 2
If You See Kay, Red 2011
Turnbull, Old Bull Red 2010
Cherry Tart, Cherry Pie Pinot Noir 2012
Trader Joe's Grand Reserve Cabernet, Oakville 2012
Benton Lane, Pinot Gris 2012
Campo Viejo, Rioja, Reserva 2008
Haden Fig, Pinot Noir 2012
Pendulum Red 2011
Vina Real, Plata, Crianza Rioja 2009
Edmunds St. John, Bone/Jolly, Gamay Noir Rose 2013
Bookwalter, Subplot No. 26
Ayna, Tempranillo 2011
Pete's Mountain, Pinot Noir, Haley's Block 2010
Apaltagua, Reserva Camenere 2012
Lugana, San Benedetto 2012
Argyle Brut 2007
Wildewood Pinot Gris 2012
Anciano, Tempranillo Reserva 2007
Santa Rita, Reserva Cabernet 2009
Casone, Toscana 2008
Fonseca Porto, Bin No. 27
Louis Jadot, Pouilly-Fuissé 2011
Trader Joe's, Grower's Reserve Pinot Noir 2012
Zenato, Lugana San Benedetto 2012
Vintjs, Cabernet 2010
14 Hands, Hot to Trot White 2012
Rainstorm, Oregon Pinot Gris 2012
Silver Palm, North Coast Cabernet 2011
Andrew Rich, Gewurtztraminer 2008
Rodney Strong, Charlotte's Home Sauvignon Blanc 2012
Canoe Ridge, Pinot Gris, Expedition 2012
Edmunds St. John, Bone-Jolly Gamay Noir Rose 2012
Dark Horse, Big Red Blend No. 01A
Elk Cove, Pinot Noir Rose 2012
Fletcher, Shiraz 2010
Picollo, Gavi 2011
Domaine Eugene Carrel, Jongieux 2012
Eyrie, Pinot Blanc 2010
Atticus, Pinot Noir 2010
Walter Scott, Pinot Noir, Holstein 2011
Shingleback, Cabernet, Davey Estate 2010
Coppola, Sofia Rose 2012
Joel Gott, 851 Cabernet 2010
Pol Roget Reserve Sparkling Wine
Mount Eden Chardonnay, Santa Cruz Mountains 2009
Rombauer Chardonnay, Napa Valley 2011
Beringer, Chardonnay, Napa Reserve 2011
Kim Crawford, Sauvignon Blanc 2011
Schloss Vollrads, Spaetlese Rheingau 2010
Belle Glos, Pinot Noir, Clark & Telephone 2010
WillaKenzie, Pinot Noir, Estate Cuvee 2010
Blackbird Vineyards, Arise, Red 2010
Chauteau de Beaucastel, Chateauneuf-du-Pape 2005
Northstar, Merlot 2008
Feather, Cabernet 2007
Silver Oak, Cabernet, Alexander Valley 2002
Silver Oak, Cabernet, Napa Valley 2002
Trader Joe's, Chardonnay, Grower's Reserve 2012
Silver Palm, Cabernet, North Coast 2010
Shingleback, Cabernet, Davey Estate 2010
E. Guigal, Cotes du Rhone 2009
Santa Margherita, Pinot Grigio 2011
Alamos, Cabernet 2011
Cousino Macul, Cabernet, Anitguas Reservas 2009
Dreaming Tree Cabernet 2010
1967, Toscana 2009
Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
The Occasional Book
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Saul Bellow - Mister Sammler's Planet
Phil Stanford - White House Call Girl
John Kaplan & Jon R. Waltz - The Trial of Jack Ruby
Kent Haruf - Eventide
David Halberstam - Summer of '49
Norman Mailer - The Naked and the Dead
Maria Dermoȗt - The Ten Thousand Things
William Faulkner - As I Lay Dying
Markus Zusak - The Book Thief
Christopher Buckley - Thank You for Smoking
William Shakespeare - Othello
Joseph Conrad - Heart of Darkness
Bill Bryson - A Short History of Nearly Everything
Cheryl Strayed - Tiny Beautiful Things
Sara Varon - Bake Sale
Stephen King - 11/22/63
Paul Goldstein - Errors and Omissions
Mark Twain - A Connecticut Yankee in King Arthur's Court
Steve Martin - Born Standing Up: A Comic's Life
Beverly Cleary - A Girl from Yamhill, a Memoir
Kent Haruf - Plainsong
Hope Larson - A Wrinkle in Time, the Graphic Novel
Rudyard Kipling - Kim
Peter Ames Carlin - Bruce
Fran Cannon Slayton - When the Whistle Blows
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt
Road Work
Miles run year to date: 51
At this date last year: 53
Total run in 2014: 401
In 2013: 257
In 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269
Comments (12)
"The bonds are to be back by the full faith and credit of the city..." Even excusing the typo, that's a pretty scary assessment. Of course, I'm not surprised that these dingbats are going for the credit so long as they can find someone insane enough to offer it. After all, it's not like they personally are going to be held responsible for the mess after they move on.
Posted by Texas Triffid Ranch | December 3, 2012 9:07 AM
What's even more obscene is the likelihood that the city council will, as usual, vote unanimously for every crazy thing Adams tries to cram into his last days in an effort to seal the city's fate.
Posted by Mr. Grumpy | December 3, 2012 9:15 AM
"Back by the full faith and credit of the city" seems to be a phrase used to describe the position the bondholders will have in the line of Portland's creditors. Somewhere down the block and around the corner.
Posted by Allan L. | December 3, 2012 9:15 AM
"Back by the full faith and credit"
That's the excuse we've been using to sell trillions of bonds and T-bills at the Fed level also.
"It's time for a moratorium on all things streetcar in Portland."
Last election, Portland voted YES on every tax increase just about. The types running city govt see this as a mandate for every stupid spending proposal.
Besides it always more fun spending other people's money now when you can make future generations of other people pay for it later.
Posted by Steve | December 3, 2012 9:37 AM
When will we see the data on how many paying customers the Eastside Street Car has moved around town?
Posted by links | December 3, 2012 9:38 AM
How are they revenue bonds if they are backed by the full faith and credit of the city? Sounds more like general obligation bonds to me. Bad reporting if that is the case. If they truly were revenue bonds, they wouldn't have much success in relying on revenue from the streetcar.
Posted by m | December 3, 2012 9:48 AM
Revenue? Seriously?
There couldn't possibly be enough riders to generate the revenue to repay the bonds! The cars will be rusted hulks, and the tracks will be pried up out of the concrete to be sold for scrap before that happens.
Hi Ho Hi Ho it's off to bankruptcy we go!
Posted by Portland Native | December 3, 2012 9:57 AM
Uh oh. Heads up, guys. I can see Sam insisting that Portland needs a bike-only crapartment building, just because Seattle is making noises about one:
http://mynorthwest.com/646/2137966/Only-in-Seattle-An-apartment-building-designed-for-bicyclists
Posted by Texas Triffid Ranch | December 3, 2012 10:37 AM
It's time for a moratorium on all things streetcar in Portland. But given that the incoming mayor has been pimping streetcars for a living around the world, that isn't going to happen. And so onward toward bankruptcy we march
Of course Charlie Hales will probably be living in Australia with Fred Hansen by the time the City declares Chapter 9 along with TriMet, who will probably sell off the buses and bus garages.
Maybe that is why there is a push to move TriMet's management into leased space in downtown Portland. Because when TriMet hits Chapter 9, they can sell off Center Garage as an asset to repay creditors, and I know there are people who would love to buy up that property if it were for sale. (Union Pacific has had their eyes on that property for a long time to expand their intermodal facility. Which is why the old roundhouse got torn down so they could pave it over. And PGE is cramped in their location but it's very central to their needs, so I'm sure they would love to buy up TriMet's space right next door and expand.)
Posted by Erik H. | December 3, 2012 12:14 PM
2012 Dec 03 Monday 12:25 U (12:30 PM PT)
In the last 72 hours I have surveyed, read and cross related a number
of media items – movies, articles and government stuff.
Cannot decide which the following is more fictional or fantasy:
1. “How to Train Your Dragon”, Turner Broadcasting.
2. “Evacuate Earth”, National Geographical Channel
Following from Lake Oswego City Council (2011-2012)
2012 Dec 04 Tuesday 6:00 PM meeting agenda items including:
3. 7.1 – Resolution 12-60, Comprehensive Plan Update
– Public Hearing on Economic Vitality Goals and Policies
4. 7.2 – Resolution 12-65, Adoption of 2013 Master Fees and Charges
Where is budget committee review
suggested at 2012 May budget hearings?
5. 7.3 – Ordinance 2601, Foothills Urban Renewal Plan Adoption
Watch testimony on 2012 Dec 04 Tuesday.
Will Riverdale School District accept cut-through traffic off
OR Hwy 43 in front of Riverdale Elementary School without
Williams Dame & White along with City of Lake Oswego
paying for mitigation?
Will 2011-2012 LO City Council (dotted quad) ream
West Linn commuters that will confront policy approved
congestion on OR Hwy 43 / State St?
See policy and letters/emails (ODOT, Metro) on
MMA(s) – Multimodal Mixed Use Area(s).
Texas Triffed Ranch (Garland TX) along with BO Jack commentators
may also desire to comment on a couple of pieces in the San Antonio
Express regarding the evolution of their streetcar plans, from
2012 Dec 01 Saturday.
http://www.mysanantonio.com/opinion/commentary/article/Subsidies-make-streetcars-costly-4081550.php#photo-3814482
And
http://www.mysanantonio.com/opinion/columnists/maria_anglin/article/The-nostalgic-hip-need-streetcars-4081725.php
Thank heavens Lake Oswego and Clackamas County in the 2012 Nov
election(s) has about come to their senses financially with respect to
streetcar and urban renewal. Cross relate “subsidy” with “ketosis”
in Oregonian Article “The High Cost of Dying” Part 2 of 2 (2012 Nov 30 Fr).
Source article San Jose Mercury News
http://www.mercurynews.com/cost-of-dying/ci_21905632/cost-dying-simple-act-feeding-poses-painful-choices
I shudder to contemplate if terms in US DOT / TriMet
Full Funding Grant Agreement(s) – FFGA(s) and unspecified
Memorandum(s) of Understanding – MOU(s) documents between
regional, county, and municipal entities had been implemented and
overseen by rail / urban renewal / sustainability devotee(s).
Charles Ormsby (Skip)
Sentinel Skip
(Birdshill / Riverdale, OR 43, and LO Urban Growth Mgmt Area)
EM: sentinelskip@gmail.com
Posted by Charles Ormsby (Skip) | December 3, 2012 12:32 PM
There is no serious attempt being made to get the streetcar system to pay for itself. Slack to nonexistent enforcement re. fares, a ridiculous price of $1.00 per ticket (reduced from $2.00 when prices are going up everywhere), non-paying riders. They might as well make it free and just admit that the citizens of Portland are underwriting the demmed thing (with, of course, the help of those magic federal dollars).
Portland Streetcar LLC should be ashamed of itself. Its board members are shamelessly driven by how close they can run these things to their businesses and how nice a board position looks on their resume.
Posted by NW Portlander | December 3, 2012 3:41 PM
Australia is nice...spent 10 months there 20+ years ago. Some of the roads in the bush need some tending to though. But no more so than in SE Portland.
I wonder if I can ask for political asylum from Portlandia?
Posted by Portland Native | December 3, 2012 5:15 PM