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State Route 99 tunnel in Seattle seeing significant drop in revenue

There was a “permanent shift” in the use of the corridor.

SEATTLE — The State Route 99 Tunnel in Seattle is seeing a significant drop in revenue.

“We’re seeing a sustained decline in revenue ranging from 16 percent to over 30 percent,” Jason Richter, assistant treasurer for debt management at the Office of the State Treasurer, told the state transportation agency on Wednesday.

Richter said there has been a “permanent shift” in use of the corridor that is having “a significant impact” on government revenues.

According to Richter, there was insufficient income every year in the projection period. Net income will decrease by $1.2 million, according to a report submitted to the commission. It only sinks further into the future.

“As you can see, we have a red sea,” he said.

Richter said this could mean additional toll increases. But he said he was “suspicious” that even toll increases wouldn’t be enough to cover the entire drop in revenue, considering the deficit accounts for about a third of revenue many years from now.

“I just don’t think that a 30 percent toll increase is realistic in every scenario,” Richter said, adding that it will likely require some legal support, some toll increases, “basically all sorts of measures will be needed around this particular one.” fix the problem.”

The project, which replaced the Seattle Viaduct, cost more than $3 billion after years of delays and cost overruns.

When tolls went into effect, fares ranged from $1 to $2.25 for those with a Good to Go! happen. Fares have increased and now range from $1.50 to $2.70 for drivers with a Good to Go! happen.

CLOCK: Before and After: Seattle’s Alaskan Way Viaduct is now a piece of history

https://www.king5.com/article/news/local/seattle/state-route-99-tunnel-seattle-revenue/281-3e3c901e-c1b8-4ed9-82ba-50fab497e59f State Route 99 tunnel in Seattle seeing significant drop in revenue

Alley Einstein

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