City Josh Is Out Today…
posted by June 4 at 12:28 PMon
…which is why no one at Slog is screaming and yelling about this.
Light-rail debt a 50-year ride
If Sound Transit wins voter approval to extend light rail far beyond Seattle at a cost of more than $23 billion by 2027, taxpayers would still owe an additional $14 billion in construction debt afterward.
Financing costs mean that voters in King, Snohomish and Pierce counties will be looking at a half-century commitment when they decide on a regional-transportation measure in November. The last bonds for the 50-mile rail plan, and other transit projects, would be paid off in 2057.
By then, Sound Transit’s spending would exceed $37 billion, counting inflation and interest charges. Agency leaders say a more accurate number is $10.8 billion, representing the cost of construction and trains in 2006 dollars.
Sound Transit assures area voters that their desire to have their debt always viewed today’s dollars, regardless of the year we’re paying it off, is nothing like the defunct monorail agency’s desire for us to do the same. Because, Sound Transit assure us, light rail is nothing like monorail. And they’re right! It’s bigger, slower, more expensive…