SR 99 Toll Account Request to OFM
November 3, 2009
Public Disclosure Request 10-0292 for Elizabeth Campbell
Sixth Installment
Request of OFM •
Creation of an Alaskan Way Viaduct SR-99 Toll Account
• In project list, add $400 Million toll proceeds to SR 99 Tunnel alternative
4 Public Disclosure Request 10-0292 for Elizabeth Campbell
Sixth Installment
Request of OFM • No impact to 09-11 Budget • $400 M can be generated by a range of toll scenarios
4 Public Disclosure Request 10-0292 for Elizabeth Campbell
Sixth Installment
Request of OFM PRAG, Financial Advisor to the State Treasurer identified the following PRAG examples:
4 Public Disclosure Request 10-0292 for Elizabeth Campbell
Sixth Installment
Legislative update The The legislature Washington passed Legislature ESSB 5768 passed in April ESSB 2009 2009. 5768The which bill includes: states: •The A bored bored tunnel tunnel will is the replace final design the Alaskan for replacing Way Viaduct. the Alaskan Way Viaduct • A single source of accountability should be established. established State funding is not to exceed $2.4 billion and could not • State more funding is not to million exceedin$2.4 billion, an additional $400 include than $400 tolling revenue. million could be raised through tolling. Establishes a single source of accountability for multiple •components Any costs beyond $2.8 billion must be paid by Seattle property of the replacement project owners updated who benefit the bored Requires costfrom estimates and tunnel. tolling revenue estimates to the legislature and governor by January 2010 • Provide updated cost estimates for bored tunnel and bored tunnel A hybrid Any costs t alternative over th the $2 $2.8 billi billion committed itt d b by th theby state tJan. t must tb be paid id to 8 governor and legislature 1, 2010. by Seattle property owners • Complete a traffic and tolling revenue study and provide updates g State Transportation p Commission. to the Washington
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Sixth Installment
Program timeline 2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Relocate electrical lines between S. Massachusetts Street and Railroad Way S. Replace the viaduct between S. Holgate and S. King streets I l Implement t Moving M i Forward F d transit t it enhancements and other improvements Mercer Street construction from I-5 to Dexter Avenue Mercer West from Dexter to Elliott avenues S. Spokane Street Viaduct Project construction Bored tunnel construction Transit capital Transit service enhancements Alaskan Way and waterfront promenade construction Seawall construction* *Seawall construction will take two years, but will be done seasonally based on environmental and other factors Public Disclosure Request 10-0292 for Elizabeth Campbell
10 Sixth Installment
Initial Observations •
Implementing p g tolls creates diversion; diversion increases with the toll level – – – – –
•
All day tunnel tolls at medium or higher levels would likely be required –
•
SR 99 traffic is highly directional, with peak travel driven by commute patterns Toll-related diversion is more prevalent during off-peak hours Tolling only the tunnel (through trips) creates an incentive for short, nontunnel trips to use SR 99 Tolling the corridor from south of the Aurora Bridge to Spokane Street reduces diversion of tunnel trips and encourages through travel on SR 99 None of the tests appear to adequately balance the funding objective and diversion to city streets
Tolling only during the peak periods would not likely generate sufficient revenue to meet the funding objective, even at the highest tolls
Scenarios expanding tolling to portions of the corridor beyond the tunnel may be necessary and are proposed for financial evaluation 14 Public Disclosure Request 10-0292 for Elizabeth Campbell
Sixth Installment
Recommended Scenarios for Financial Capacity Analysis (Preliminary — Subject to Change) Scenario
Toll Configuration
Toll Level
Scenario A
Tunnel
Medium Toll
Scenario B
Tunnel + Non-Tunnel SR p 99 Commuter Trips**
Medium Toll
Scenario C
Tunnel
High Toll
Scenario D
Limited Li it d Access A Facility F ilit (Tunnel + South End)
Medium-High Toll
Peak Period Toll Range $2 75 $2.75 $4.00 $2.75 $4.00 $3.00 $5.00 $3 00 $3.00 $4.00
Peak NonTunnel Toll* N/A
$1.25
N/A
$1.50
* Applies to certain trips in the peak periods that use the non-tunnel parts of the corridor to enter and/or exit downtown. N t l commuter t ttrips i are iinbound b d tto d downtown t iin th the morning i and d outbound tb d ffrom d downtown t iin th the afternoon. ft ** Non-tunnel
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Sixth Installment
D R A F T — SR 99 Toll Tunnel Sources & Uses — Before Toll Financing WSDOT Special C $500 M
WSDOT S O Multimodal u t oda
Tunnel Cost = $1.90 B Non-Toll Funding = $1.49 B Project Shortfall ≈ $0.41B
WSDOT Nickel & TPA Contribution Federal Sources
$400 M
Project Needs -
Unfunded gap for the SR 99 Bored Tunnel Project is $410 million, excluding the toll funding contribution contribution.
$300 M
35
$200 M
24
24
39
39
130
130
367
209 -
$100 M 131
95
24
$0 M
20
Prior
14 5.3
5.3
2010
2011
2012
14
29
2013 2014 Fiscal Year
29
2015
Public Disclosure Request 10-0292 for Elizabeth Campbell
44
44
6.2 13
6.2 13
2016
2017
-
2018
16 Sixth Installment
Toll Contribution Assumptions • $1.9 $1 9 billion billi tunnel t l project j t costt • $400 million funding gap targeted for tolls 1, 2016 • Toll operations begin on January 1 • Toll bond proceeds not requested until FY 2013 per yyear • Tolls escalate at 2.5% p • Trucks pay a multiple of the auto toll • Toll collection O&M costs patterned after SR 520 ESHB 2211 fi fiscal l note t assumptions ti • Tolls provide a source of ongoing funding for facility O&M costs 17 Public Disclosure Request 10-0292 for Elizabeth Campbell
Sixth Installment
