Monday, July 19, 2010

Pay Now & Pay Later (for what you already bought)

New 520 Bridge: More Spent on Planning Than on Building Original Bridge

I haven't actually fact checked this blog post but the inflation numbers pencil out about right. My understanding is that the original 520 bridge was financed predominately by $60 million in bonds that were paid off ahead of schedule entirely by tolls on the bridge. By inflation adjusted numbers the current package includes roughly the same amount of toll revenue; but the bridge is ten times more expensive. Or, in other words, for tolls to cover the cost as they did with the original they would need to be closer to $30 each way than the proposed $3. That would put the cost up in the neighborhood of what we pay for a cross sound ferry. Too bad there wasn't a real bridge built back in 1963. We'd be good to go for another 50 years and tolling now would have time to build up a nice little nest egg for a replacement.


ScottLampe said...

Bernie - I am very interested in your posts on the Seattle Transit Blog and would welcome the opportunity to meet for coffee. Please let me know when you might be available. Thanks.

Bernie Hayden said...

Love to get together but don't know how to contact you. The link to you're blogger profile comes up as Not Available and it doesn't look like the City provides an email contact for Commissioners.