Pending I-976 litigation, business as usual at Sound Transit
SEATTLE — Leaders of Sound Transit made clear Thursday they have no plans to sell off bonds or reduce a motor vehicle tax as sought by the voter-approved Initiative 976.
They will be keeping close watch on a legal challenge of the ballot measure before considering how to deal with a significant reduction of revenues if that fight fails.
John Marchione, mayor of Redmond and chairman of the Sound Transit board, told a crowded meeting at the agency’s Union Station headquarters that it will not be taking any actions until the outcome of litigation is clear. Opponents of the measure think it is unconstitutional and have sued. On Tuesday, they’ll ask a King County Superior Court judge to issue an injunction preventing it from taking effect Dec. 5.
While Initiative 976 is passing statewide, it is being rejected by 53% of voters in the Sound Transit taxing district, according to figures presented to the board Thursday. That mirrors the 54% which approved the Sound Transit expansion plan known as ST3 in 2016.
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Sound Transit system expansion delays from I-976 could mean $25B more in taxes
It would cost an additional $25 billion in regional taxes to deliver the Sound Transit system expansion a dozen years late if projects are delayed by revenue cuts called for in Initiative 976, Sound Transit Chief Financial Officer Tracy Butler said Thursday.
Light rail extensions to downtown Redmond, Lynnwood, Federal Way and the Interstate 405 and Shoreline-Bothell Bus Rapid Transit systems are least likely to absorb the potential revenue cuts, CEO Peter Rogoff said. Those extensions are all set to deliver in 2024 and are well under way with contracts issued and funds obligated, he said.
“2024 will be an extraordinary year,” Rogoff said at the agency's public meeting Thursday. “It’s hard to believe that all this is going to happen in just five years, but the projects are well under way.”
But the full system — approved by voters in Sound Transit 3 to extend light rail from Everett to Tacoma Community College and Issaquah and to expand the Sounder commuter rail further south — will only be half complete once those lines are open.
https://www.bizjournals.com/seattle/news/2019/11/21/sound-transit-system-expansion-delays-from-i-976.html?ana=e_mc_prem&j=90254451&t=Morning&mkt_tok=eyJpIjoiT0RZd1l6TXpabUU0T0RoaSIsInQiOiJxM2tRZldNOVBTOTJiVnk1RUtyMG5VWlZhZGN2XC9JSFZJOTFrU1wvWWdiQkw1M0dGTW15c29aSXIwWm9CK1lBMW1kM1YzR21Va0RxdTduMXJ0c0tZREF0WDhIdWNSUm9zUU1PbDBiUE1HM3NNcjMyaFJ5alwvVnZENnQ1cVY5NG1ZUCJ9