The package approved by voters is funded by a combination of existing and new local taxes, federal grants and fares. The typical new cost per adult is about $69 per year according to Washington State Department of Revenue methods that were reviewed by the independent Expert Review Panel appointed by the state.
The estimated cost to implement Sound Transit 2 is $17.9 billion in year of expenditure dollars. This includes all construction, operations, maintenance, reserves and debt service costs from 2009 through the completion of the system in 2023.
A sales tax increase of five-tenths of one percent (0.5%), or five cents on a $10 retail purchase, was authorized within the Sound Transit District.
- Four-tenths of one percent (0.4%) Sound Transit sales tax, or 4 cents on a $10 retail purchase
- Three-tenths of one percent (0.3%) Sound Transit MVET, or $30 for each $10,000 of vehicle value, collected until 2028
Existing Sound Transit taxes are currently being used to build and operate Sound Move, the regional transit system approved by voters in 1996. With the approval of new funding, Sound Transit will also use these existing taxes to help build Sound Transit 2 projects.
Approximately 51 percent of Sound Transit 2's capital costs will be paid directly with cash revenues and grants. The finance plan funds the remaining cost by issuing long-term bonds at competitive interest rates during construction, expected to be 15 years. For each dollar borrowed, Sound Transit will pay an estimated $1.24 in interest, a typical ratio for borrowing by public agencies and consistent with industry standards for public projects. The Sound Transit 2 finance plan assumes $895 million in federal matching grants.
Voter approval authorized funding to immediately add 100,000 annual hours of expanded ST Express bus service starting in 2009. Projects will be brought into service after they undergo planning, environmental review, preliminary engineering, property acquisition, final design, construction, startup and testing. All of the projects are scheduled to be complete by 2023.
Sound Transit was authorized by voters in 1996 to provide regional bus and train services in the urban areas of King, Pierce and Snohomish counties, and is funded by taxes collected within the Sound Transit District.
Sound Transit 2's 15-year estimates include the estimated cost to plan, build, maintain and operate the system through 2023, including community planning, engineering, design, environmental mitigation, disability accessibility, station amenities, safety features, and contingencies for unforeseen expenses.
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