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The elevated tracks running through Northgate. (Sound Transit)
Sound Transit has an $11.5 billion hole in its budget to finish ST-3, approved by voters in 2016. The board will have to make some tough choices of cutting projects, delaying projects, and other ways to make up the gap. It also wants the public’s help in deciding on priorities.
We’ve spent the last year discussing how badly the pandemic and resulting recession hit Sound Transit’s funding. Buying land and building massive projects is also getting a lot more expensive. Now comes the time to make serious decisions about what to do about it.
With affordability gap at a whopping $11.5B, Sound Transit asks public for input
April 14, 2021
Sound Transit looks to public input to help solve financial woes.
Sound Transit
Through April 30, regional residents are encouraged to provide input to the Sound Transit Board of Directors on priorities for managing an unprecedented financial environment in its work to advance voter-approved transit projects that are not already under construction.
Sound Transit faces two major, simultaneous challenges. A pandemic-driven recession has severely reduced consumer spending and agency tax revenues at the same time that real estate and construction market pressures continue to drive project estimates to levels significantly beyond previous assumptions. These factors result in a currently projected $11.5 billion affordability gap to complete the full expansion program as originally planned (the Board will update this forecast on April 22).