Nominations for projects
The nomination window for transit projects to be under consideration for the new project bond runs from Friday, July 26, 2024 through Friday, Sept. 6, 2024. Review the nomination instructions before completing the nomination form.
Regional partners with a new project bond idea are encouraged to contact Metro staff to discuss their project concept/idea. To schedule a discussion, email [email protected].
Regional flexible funds have been used to help construct the region’s high-capacity transit system. Since 1998, TriMet has issued bonds to pay for project development and capital construction costs of high-capacity transit line construction, based on a regional commitment of flexible funds to repay the bonded debt. In 2017, the region agreed to extend the use of bonds to include a new program to move transit vehicles faster through the transportation system and project development activities for regional active transportation projects and a select number of freeway projects identified as significant system deficiencies, particularly in the areas of safety and freight delay. The expansion of activities that used bond proceeds was in the lead up to the Oregon legislative session that passed the transportation package House Bill 2017.
The region’s current obligation to repay bond debt extends to 2034. This bond obligation covers investments in Green, Orange and Southwest Corridor MAX lines, Division Transit Project, and the Eastside Streetcar Loop.
Beginning in 2028, the region’s scheduled bond repayments are to decrease by $13.5 million. This newfound capacity in regional flexible funds generated a regional conversation as to how best utilize the capacity to advance implementation of the Regional Transportation Plan goals.
Through the development of the 2028-30 Regional Flexible Fund Allocation program direction, the increased funding capacity starting in 2028 discussed whether the region should consider a new project bond commitment of regional flexible funds to implement regional or corridor scale projects to advance Regional Transportation Plan goals and outcomes. Over the course of the 2028-30 RFFA program direction development, input and feedback from regional partners indicated a desire to pursue a new project bond in exchange for committing future regional flexible funds.
The region defined the purpose and a set of principles to develop a new project bond proposal over the course of the next year. Centered on the theme of transit, the new project bond proposal will look to invest in a mix of different types of transit projects including:
- Large transit infrastructure projects;
- Transit supportive elements like complete sidewalks near transit stations and corridors; and
- Projects that use technology and/or management of the right-of-way to speed up the movement of buses and streetcars.
The new project bond proposal will occur in parallel with the Step 2 competitive allocation process. A summary work plan outlines the phases to develop and approve a new project bond proposal. A draft of the proposed list of projects is set to be approved and released by the Joint Policy Advisory Committee on Transportation (JPACT) in March 2025. The proposed list of bond proceeds candidates will be available for public comment beginning in late March through April 2025. A final decision on the 2028-30 Regional Flexible Fund Allocation, including the new project bond and Step 2 competitive allocation to local projects is anticipated for July 2025. See the process graphic and the work plan.