KING-TV Friday, September 16, 2005 BREAKING NEWS
Nickels grounds Seattle Monorail Project KING5.com SEATTLE - Seattle Mayor Greg Nickels announced Friday afternoon that he is withdrawing support from the Seattle Monorail Project by refusing permits and right-of-way agreements. "I will not let a spade of dirt be turned until we have a financial plan that answers" crucial questions about the project's financial health now and in the future," Nickels said. He said withdrawing support was the most direct way to "prevent this flawed plan from going forward." "Put simply, the monorail does not have enough money to pay for the project, the financing plan presented to me is not prudent..." he said. "You can't solve a real revenue problem with rosy projections." : : The monorail project's dire financial picture came clear in June, when the board revealed the project would cost $11 billion over 50 years, including more than $9 billion in interest on low-grade bonds -- more than four times the project's estimated cost. : : A citywide monorail system has been a civic dream here since the one- mile train was built for the Seattle World's Fair in 1962. More than 40 years later, the one-mile run is still the only train in town. Full details at: http://www.google.com/url?sa=D&q=http://www.king5.com/topstories/stories/NW_091605WABmonorailEL.63969bc6.html