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Costs Omitted by the Port

Issues in Brief: The official statement of the projected cost of the project, $1.1 - $1.3 Billion, is seriously misleading. The Port does not have enough money in hand or promised to complete the work, so it will have to borrow hundreds of millions of dollars to pay its contractors, if the project goes forward. In fact, it has already borrowed vast amounts of money, incurring debts that stretch into 2020 or thereabouts. Omitting the cost of borrowed money from cost estimates would get a bank in big trouble. The Port just pretends that costs are not a concern.

Also conspicuously missing are any details of the environmental mitigation that has become attached to this project since the 1999 cost estimate. These include the underground vaults for stormwater storage, the cost of obtaining water rights for use of that water, enhancement of near-site wetlands mitigation, & all the other environmental mitigation measures that the Port has had to promise in the last five years. The great wall of Sea–Tac may or may not be included in present estimates. The Port hasn't said.

Also omitted are costs for mitigating indirect negative impacts indirect costs.


Documents:

Truth in Aviation Article: "Unfunded Mitigation Costs", Winter, 2004. pg 3

 

 

 

 

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