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A new cost estimate for the project to extend the streetcar line from Portland to Lake Oswego is now just $200 million 鈥� less than half the 鈥渨orst case scenario鈥� number of $458 million number that caused some sticker shock around the region.

The $200 and $458 million numbers cannot be exactly compared, because the larger was a 鈥渨orst case鈥� estimate prepared as part of the project’s Draft Environmental Impact Statement, said Doug Obletz of Shiels Obletz Johnsen, which prepared the new estimate.

鈥淭his number is really a financial planning number more than it is a cost estimate,鈥� Obletz said.

The new 鈥渞efinement phase鈥� report, which included the $200 million number, is a more specific estimate of project cost, and also listed a number of changes to simplify the project. The new budget comes from a number of new decisions, including a shorter overall line, fewer streetcars and many alignment and technology changes to reduce scope.

One of the major project changes calls for use of one track, rather than two, for a two-mile stretch.

The update also includes a $70 million cost estimate for a shorter extension to Southwest Nevada Street near Willamette Park, if approval or funding were not secured for a full extension to Lake Oswego.

Lake Oswego City Council last month learned the results of a survey of residents that showed that most of them didn’t think the project was a priority. Streetcar construction will go before Lake Oswego voters in May 2012.