Basically, the City Council passed approval of the Bicycle Plan. That doesn't automatically mean the $630 million to fund it will follow; but with a plan approved and in place, it makes it easier to procure funding in fits and starts. To that end, the Council also approved a jump-start pledge of $20 million to get things going.
Considering how much we spend on automotive transportation infrastructure -- and how much of that is subsidized by the collusion between government and the private sector -- $630 million over the next 30 years is a drop in the bucket.
Good for Portland, for finally getting this thing approved and in the can. Now let's build it.