Clackamas County commissioners approved a $22.6 million settlement agreement with TriMet to pay for the controversial Portland-Milwaukie light rail extension.
Commissioners also authorized the sale of bonds to pay for the $19.9 million the county must pay the transit agency by Oct. 10. About $19.1 million in bonds are expected to be sold Sept. 6, according to Moody's Investor Services, a bond credit rating firm. Including in-kind services, fees and property, the county's contribution to the project totals $22.6 million.
The renegotiated deal with TriMet is less than the $25 million commissioners agreed in February 2010 to contribute to the $1.5 billion project. TriMet offered to slash $2.4 million from the county's bill, but the county also offered several concessions, including property and the waiver of various fees TriMet owes the county.
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