February 5, 2008

PDC Receives First Eastside Streetcar Risk Assessment

The Portland Development Commission (PDC) has received the first of two risk assessment reports on the Eastside Streetcar. Last November, PDC, in consultation with the Portland Office of Transportation, TriMet and Metro, retained Faithful+Gould Consultants to perform the two-phase assessment. The goal of the assessments, which were requested by Mayor Tom Potter and City Council, is to ensure the approximately $150 million project can meet budget and timing targets.   

The Phase One risk assessment report reviewed all ‘Conceptual Design’ work completed prior to Nov. 1, 2007. Based on this review the report concluded: ‘…the overall project appears to be fundamentally sound. No extraordinary risks for a project of comparable size and complexity were identified during this review.’ In addition to identifying risks, the report also reviewed some Strategic Opportunities that are present with the Eastside streetcar project. The complete Phase One report can be viewed at: http://www.pdc.us/pubs/inv_detail.asp?id=786&ty=49.

“I am very pleased with the findings of the report,” said City Commissioner Sam Adams. “And I am confident the majority of the risks identified will be managed, mitigated or resolved by the project team.”
 
“I believe the findings of the Phase One report really serve to validate the hard work of all of the partners involved in this project,” said PDC Executive Director Bruce Warner. “The report also underscores the need for us to work very closely with our legislative delegation to ensure critical Federal Transit project funding is secured.”

Faithful+Gould is currently reviewing the 100 percent ‘Design Development’ documentation for the Phase Two report which is currently scheduled for release in early April 2008.

PDC is serving as contract manager and financer for the $68,000 assessment.

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