SEATTLE — The State Route 99 tunnel in Seattle is seeing a significant drop in revenue.
"We're seeing a permanent reduction in revenues that ranges from 16 percent on up to over 30 percent," Jason Richter, deputy treasurer for debt management with the Office of the State Treasurer, told the state's Transportation Commission on Wednesday.
Richter said there has been a "permanent shift" in the use of the corridor, which have "substantial effect" on the state's revenues.
There have been insufficient revenues every year during the projection period, according to Richter. According to a report, presented to the Commission, net revenue will be down $1.2 million. It only continues to decline into the future.
"As you can see we have a sea of red," he said.
Richter said this could mean additional toll increases. However, he said he's "suspicious" that even toll increases won't be sufficient to cover the entirety of the revenue decline, considering the shortfall in many of the years is roughly one-third of the revenue coming in.
"I just don't think a 30 percent toll increase is realistic in any scenario," Richter said, adding there is likely going to be a need for some legislative assistance, some toll increases, "basically all of the potential actions will be needed to remedy this particular problem."
The project that replaced the Seattle viaduct cost more than $3 billion, following years of delays and cost overruns.
When tolling went into effect, rates ranged from $1 to $2.25 for those with a Good to Go! pass. Rates increased, now ranging from $1.50 to $2.70 for drivers with a Good to Go! pass.