Sunday, July 03, 2005

Monorail financing plan killed

The Seattle Monorail Project board killed the system's controversial financing plan last night.

The West Seattle-to-Crown Hill line remains in limbo as the board sent the project to a yet-to-be-appointed special committee to try to save the elevated transit system that voters approved in 2002. But it was clear last night that it won't be easy...

The financing plan had been roundly criticized because it called for the continuation of taxes until 2050 or beyond, included some junk bonds with high interest rates and required $9 billion to be paid in interest.
I agree with The Stranger on this one
Seattle Needs Elevated Rapid Transit. But we don’t need to pay $11 billion for it. Scrap the finance plan, fire the agency heads, and face the voters one last time.
Five votes seems crazy, but any new plan should be put to the voters. We'll pass it because it's been proven time and again that the people of Seattle want a monorail.


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