SR 520 Funding Gap Now Pegged At $2.38 Billion
At a meeting in Seattle last week, lawmakers heard that the funding gap for replacing the storm- and seismically-vulnerable, crowded four-lane SR 520 bridge across Lake Washington can be shaved from $2.6 billion to $2.38 billion through a sales tax deferral of $220 million. They also had a look at the current menu of gap-closers. It includes more borrowing against electronic tolling revenues, plus higher toll rates on the 520 bridge, and especially, tolling of the parallel I-90 bridge. As ever, tolling’s a flash point, but it needn’t be ugly. It can equitable, and farsighted. Metro Puget Sound needs a comprehensive regional highway corridor electronic tolling plan, typically with express “HOT” lanes aside free lanes, and higher rates at peak hours.