City Nickels Press Conference
Mayor Nickels is scheduled to hold a press conference (in about 15 minutes) to address the cost increase of $780 million estimated for his tunnel plan… from $3.6 billion to $4.38 billion.
He’s obviously going to announce that the 19.4 percent cost increase is unacceptable and he’s decided to be fiscally responsible and pull the plug on the project.
The increase is from a midpoint estimate of 3.3 billion to 4.38 billion, so it's over a billion increase.
The former range was 3.0 to 3.6 billion. The range is now 3.56 to 5.54 billion.