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Home My WebLink AboutHandout - Sound Transit 3 �� K��- � �; �-�/3/� �� SOUND�TRANSIT � � � • r { Overview xroposed funding If � approved by voters, the Sound Transit , 3 Plan will be funded through new Dollars In Billions YOE 2017-2041 regional taxes authorized by the Washington State Legislature and Sales Tax 16.8 Governor. The new funding sources for MVET 6.9 ST3 include increased sales, car tab Property Tax 4.0 and property taxes. Other funding will Total newtaxes 27.7 come from federal grants, bonds, existing taxes, fares and other sources. Other Sources* 26.1 Questions and Answers Total fst.Sources af Funds ' 53.8 Q: What are the proposed new tax sources? 'Grants,bonds,fares,existing taxes&misc.revenue. A: With existing regional taxes committed to completing and operating regional transit projects that voters approved in 1996 and 2008, the majority of ST3 tax revenues would come from new taxes: • Sales tax of 0.5 percent($.50 on a $100 purchase) in addition to the 0.9 percent currently collected. • Motor vehicle excise tax(MVET) of 0.8 percent of vehicle value ($80 annually on a $10,000 vehicle) in addition to the 0.3 percent MVET Sound Transit is collecting through 2028. • Property tax of 25 cents for each $1,000 of assessed valuation ($100 annually for a $400,000 home). A property tax was identified as a new way to establish a more progressive revenue source for regional transit investments that reduces reliance on the sales tax. Q: What other sources would fund ST3? A: In addition to new revenues, the other primary funding sources supporting ST3 would include: • Federal funds: Initial ST3 planning estimates currently assume various federal sources including competitive grants that would fund about 13 percent of capital investments. • Bonds: Similar to financing for the majority of infrastructure around the country, Sound Transit would sell bonds, generating funds to complete projects much sooner. Under the revised assumptions, Sound Transit plans to use borrowing to cover approximately 30 percent of the plan's investments. This will compare to buying a home with a 70 percent down payment and funding the rest through borrowing. Sound Transit 3 Updated: 9/29/16 • Existing taxes: Current voter-approved taxes are allocated to completing current � projects over in the coming years, paying off bonds and operating the current and expanded system. As projects are completed revenue from existing sales and MVET taxes will become available for future voter-approved expansions. • Fares: Funds raised from pass and ticket sales will cover up to an estimated 40 percent of light rail operations costs and 20 percent of bus operations costs. Q: What's the additional ST3 tax burden that could be seen by the average resident? A: Under collection of the full authorized revenues the estimated cost to a typical adult living in the Sound Transit District would be approximately $169 more annually, or about$14 more per month. Q: What factors have changed the ST3 cost figure from $50 billion expressed in the March 2016 Draft Plan and the current cost figure of$54 billion? A: Refinements were made to the financing plan for the ST3 measure to modestly increase the issuance of bonds, improving the region's financial capacity by approximately 8 percent or$4 billion. Additional money available through earlier bond sales will be used to speed up delivery of light rail projects included in ST3. The improved timelines and added projects will not change the measure's estimated additional $169 annual or$14 monthly costs for a typical adult in the Sound Transit District Q: What equity provisions are part of the ST3 funding structure? A: The Sound Transit 3 Plan will continue the agency's subarea equity framework. Under that framework, the revenues raised in each of the five geographic subareas focus on projects and services deemed by the Board to represent that area's highest priorities and an equitable regional allocation of costs and benefits. Q: How long would the ST3 taxes extend? A: The Sound Transit 3 Plan obligates the Board to roll back taxes to the level required for permanent operations and maintenance following completion of transit projects, unless a future ballot measure directs otherwise. Within seven years of completing ST3, Sound Transit and an independent advisor, Piper Jaffray & Co., have calculated that the entire ST3 tax increase could be eliminated, along with approximately 11 percent of the sales taxes currently supporting ST2 and Sound Move. This or an alternate mix of tax reductions could cut total agency tax collections in half. Sound Transit 3 Updated: 9/29/16 d � �� r�� T��i�� f��r�� ir�� l�a� �� t�k��i�� m�r�l� i� i� ��ha, f�r ��c ��,r��, Th� n��r� �� ,� �� ur �� r��, ��r� i�+�r�� r ��r-�� l[ ��. �� w��, �� +�r��en��+� �� #i�ck�r ��i�� 1C��►� �"� _ __ '��rr� ��I� �r�� 'a�I�ir��r� �t�� t��t��r�� f �'�� '�� L��r�� !� ��1�� C�� *�'� �� c . �� 8� � _ I�� ,� �t�+� +�f �� i rr �r��r� 'S��r��:* ��ir��tc�� t��.� ��rt��qt �f �.i��i,�� r�� Il��,� �Iu� �� I��k�� f��L�l� l �'�E �EA�T�'EE T1�1�� i- �u � See below for rendering of final � plans for the Sunset Neighborhood Park and Surrounding Area: r � � ` e � � e n � .. �E:,,,�:,_ , �.� � � �n r ment' I' Ocrelopmrnt `� ,t� `�,��: '��, '�'!� - a� �.�F,�� .;�� -� �� --�'` � �,:;&� � � • 6""L'Y� ,.- . T - 1 '_�,,.,, �i ' .�Nmghburhood �� *x�'�1 5t �a � -. . � � . . . .,. ' � �� Pa.k ��i. � b -:� , .. ;� � � � ��i4��.�`�'`�_ W h a t: T h e C i ty o f R e n t o n s o n-g o i ng � � � i-�� . :_ � `. :: ' R ..,° Sunset Lane ro ect will be �`, �� :„�: �� H ��i=� P J The City of Renton hereby gives public notice that it �� . .F=. �, � ��.da�r � � ,� " , closing this intersection for � �•• �� ` ; is the Agency s policy to assure full compliance with �, .�„��.:r.,� .,��:� r �. . � �� ' Title VI of the Civil Rights Act of 1964,the Civil Rights reconstruction. ' ''° � -��" r' � �� Restoration Act of 1987,and related statutes and '�� ;';, `�„- �,R �c. y7 ,.; � :- %. regulations in aIl programs and activities.Title VI th �� , . �% y ,s When: Beginning April 10 , this ,�V�_ �� e Kti �- � .� requires that no person shall, on the grounds of race, " � " """ - �"� color,sex, or national origin be excluded from the intersection will be closed participation in, be denied the benefits of,or be � r. .1 otherwise subjected to discrimination under any for three months. .��. Federal Aid Highway program or other activity for .�-;;— which the City of Renton receives federal financial Detour: During this time, detour ---=� P assistance. 1'OUteS WI�� USe NE 12th �„�td�.,m�.�. , 1 M R R 0 V E I�E H T S Any person who believes they have been aggrieved Street. See inside for by an unlawful discriminatory practice under Title VI has a right to file a formal complaint with the City of details. '"''" `.,.'„""„y'" °""''""' Renton.Any such complaint must be in writing and SCHfDUIE w'� '°" filed with the City of Renton Title VI Coordinator �017tQCt: City of Renton ,,,„.,,,,,��,M,„K,,,,, within one hundred,eighty(180)days following the p;Q date of the alleged discriminatory occurrence.Title Transportation Division s,R.+N.�-�..+►.,► VI Discrimination Complaint Forms may be obtained �M�� '�� -m�� See inside for details �.�.��u��,� from the City of Renton,Transportation Division at no cost to the complainant by calling(425)430- T pERTEET ___� entonp 7380• r� pc�t�-�i —_' —�f,:...�i��.,./�` � �' Contact Info: School Bus Impacts: Closure Authorization: Keith Woolley, Project Manager Families with students in the Renton City of Renton Council Resolutions �ity of Renton Transportation Div. School District will be contacted by 4279 and 4287 approved the closure (425) 430-7380 the District regarding modifications of this intersection. kwoollev@rentonwa.�ov to School Bus Routes and Stops. The Project has coordinated with the City Council, King County Library Project Webpage: System, Renton Housing Authority, http://rentonwa.�ov/sunsetlane/ Renton School District, and Renton Regional Fire Authority. _-- �� __a_ .. � ��_ � - "� �� ..�s '�� . ,� ,,,. ��- , _ �, � _ � � �a :.��, � t�g � .��. ,� . a, ,,.�,_„4�-p ,. �,� � .�"� - x� .. . � -� ' .�... i,..� j,. 1 �. ., . -a' � �� a q.M1� S». , <.--_—„� � , � �. ,,, .!„ ., m • - - � — �`_ - +i" �4R1'�� .r. .` � . . .�u; r ti'� t:.':. :.�. „s;. I ^c e.�. u D e t o u r M a p ��:_ -�� -: _ �M� ��.--.- �r � � h ��a � �� _ �� :� � _ .� ,�� _ �- _.�,.,. -� ��_ �� ...� ��A� �� ,�� .�. .Ty . . ,�- ; _. _ '� }r � x .r� �""�;� ,;�'�'�' r,; V�.� �, � � '� �� i�R.. �Y� � pwMiYi� •e i-" �.1�"� �� :!' '� ' I1� jb" S`f, '�+ . 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(UNDFR CONSTRUCTION? . ,� , . . . >� \ \� (g"�„� �� MAiN AVE S ,��`��.A`��. . � MAIN AVE S �r� �� •�.`.,� . � N ��' �� ' � `�,'� , �'� AIAIN AVE Bl1SI�SSES � '°'�' �'P PARKINC �?' �� BU9NESS AC(�SS �p��y�ao �� orar �� ' �.�.G� �ysa '� ay FlRE DEPT N ysy c'.c' � '9 S `� � � � ;,,� �� Mi�ave s �� .\ -� � � yo �k. G� �� _ � � � � t � � � y�3/�� - �. . , � �� - .�.. �,� ,_. _. .,.��„� w , ` �� P �� _ � -� � �� 's� ��"?�_ - '� �4 � ` � � " '_ �_ � �a ' � '� , � ,. -a�r�� t�," _ _ .'- s� ' ,; 'i-'� _ _ _ a T •� . ° ,�� ✓ - ;. '�-; � 4 , � � ` ' _ " �. . . . ; . �w� � t 3 . � ... �� - � . � 4 .. K.. � � � a � '-- 1 s : wa�. � i .. ' . ...' -�--_ _ — w " ^ ��,� ' ' I ' :: ^Y � f,'."'� �,,� ..,�„� - � — . _ , � ,�- ., r �,. " � � �y� ." �, .� , . � �1�G -� �� .� --� �� ,� �" � .. ' ^' - ::. AFs `' � E."�� Q.,`�. �� > �� a i� i „� `M � � � �u .... c,.,1�'1$ -�._:y� -�i``�'., I r�..,��''� � m • � � _ ' -�� ; ._ u, _ - ` t , .__� .-,.�- ^.� - r. � � �.r..,�. t • „ � _��r y<,, .�" �� ........�.„.� . _ �_ ? Now The Eastside Needs Reliable Power for a Bright Future ��U 1 � �UNITED �Reliable Ener y� � Communifies United for Reliable Energy (CURE) CURE is a grassroots coalition of residents, civic leaders, businesses, schools, human service agencies and healthcare providers. We know that for our region to continue to prosper, we must have electrical infra- structure that is built on time (to avoid rolling blackouts) using proven technologies, preferably on the ex- isting utility corridor, to deliver dependable power to our community for the years to come. We support Puget Sound Energy's Energize Eastside project. Sign Up to Support CURE ! 1'm signing up as a: ❑ Community Supporter � Business Supporter � Both Name Community of Residence Business Name Business Location Number of Employees on the Eastside Email address Sign on to support CURE at http://www.communitiesunitedforreliableenergy.org/add-your-voice.html s � � . . • � . . Patrick Bannon Stacy Graven Bart Phillips Bellevue Downtown Meydenbauer Center One Redmond Association Clyde Hill Resident Redmond Resident Kirkland Resident Jim Hill Susan Stead Brittany Barker Kemper Development Parker Smith and Feek The Fortin Group Bellevue Resident Seattle Resident Bellevue Resident David Hoffman Bob Wallace Sam Baxter Master Builders Association Civic Leader Overlake Medical Center Renton Resident Bellevue Resident Woodinville Resident Ross Jacobson Ray White Bill Biggs Civic Leader Bellevue College Kaiser Permanente Bellevue Resident Bellevue Resident Woodinville Resident Jim Long Rich White Bernie Dochnahl Urban Renaissance Group Boeing DENBE of Renton, LLC Redmond Resident Everett Resident Renton Resident Tom Martin Jennifer Fischer EvergreenHealth Bellevue LifeSpring Lake Forest Park Resident Bellevue Resident Gloria Northcroft Tom Gilchrist Civic Leader SRO Bellevue Resident Sammamish Resident *All Steering Committee members either work or live on the Eastside. www.comm unitiesunitedforreliableenergy.org �4; • ' • • • • i ' ' . � � � - P - ' ' s ' • � ' . . • • I i - Alpine One, LLC Issaquah Chamber of Renton Technical College Commerce Bastyr University Republic Services Kaiser Permanente Bellevue Chamber of Rowley Properties Commerce Kemper Development Company Screaming Flea Creative Bellevue College Media KidsQuest Children's Bellevue Downtown Museum Seattle Children's Association King and Bunny's Appliances Seattle Marriott Redmond Bellevue LifeSpring King County Library System Spring District Boeing Kirkland Chamber of SRM Development Cascadia College Commerce SRO Cater 4 You Lake Washington Insfitute Sunset Square Shopping CityFish Marketing, LLC of Technology Center, LLC Langton Spieth, LLC Sweeney Conrad Concur Master Builders Association Tetra Tech DCI Engineers Meydenbauer Center Top Tier Training and DENBE of Renton, LLC Development Minuteman Press of Ditty Properties Redmond University of Washington EvergreenHealth Nelson Legacy Group, LLC University of Washington - Bothell Evergreen Market- Renton One Redmond Airport Urban Renaissance Group Overlake Medical Center Fortin Group and Clinics Valley Medical Center GLY Construction PACCAR Visit Bellevue Washington Hal Woosley Properties, Inc. Radford &Co Hopelink Renton Chamber of Commerce ? � . . � " • . , - � - � � . � � � � • Ii . � James Alberson - Renton Dorothy Graham - Redmond Bart Phillips- Redmond Jeff Anderson- Issaquah Stacy Graven - Clyde Hill Shawna Pitts- Bothell Dan Angellar- Redmond Kevin Guieb- Maple Valley Keri Pravitz- Bellevue Meghan Altimore- Issaquah Jim Hill - Bellevue James Price- Newcastle Heidi Archer- Redmond Kiwi Ijiomah -Seattle Malia Radford - Bellevue Ron Bailey- Bellevue Ross Jacobson - Bellevue Skip Rowley-Sammamish Brittany Barker- Bellevue Haley Jacobson - Bellevue Donna Russell - Renton Shiv Batra - Mercer Island Denise Jannusch - Lynnwood David Rule- Issaquah Vicky Baxter- Renton JD Klein - Redmond Mark Schwartz- Renton Sam Baxter-Woodinville Todd Langton-Sammamish Robert Shay- Bellevue Putter Bert- Bellevue Julie LaPrarie- Issaquah Kelly Snyder- Bothell Bill Biggs-Woodinville Jim Long- Redmond Susan E. Stead -Seattle Nancy Bowman - Issaquah Nicole Lukaris—Bellevue Samantha St.John - Kirkland Brian Brand- Kirkland John Madden - Redmond Gary Swofford - Redmond Minerva Butler- Redmond Andrew Magill - Bellevue Christopher Thomas- Kirkland Jeni Craswell - Redmond Kari Magill - Bellevue Dave Tomson- Kirkland Mark D'Amato- Bellevue Thomas Markl -Seattle Frank Tonkin - Clyde Hill Bernie Dochnahl - Renton Campbell Mathewson - Heather Trescases - Bellevue Kirkland Denny Dochnahl - Renton Kristi Tripple- Issaquah Sue McLaian- Issaquah Brett Durbin - Kirkland Giles Velte- Newcastle Mary Morrow- Bellevue David Hoffman - Renton John Viacava - Bothell Edward Muna - Renton Gerry Eagle- Bothell Bob Wallace- Bellevue , Jens Nedrud -Woodinville ' Jennifer Fischer- Bellevue Paul Wiegand - Bellevue Gloria Northcroft- Bellevue Syd France- Kirkland T.J. Woosley- Bellevue Morgan Olson - Kirkland Alan Fulp- Mercer Island King Parker- Renton Tom Gilchrist-Sammamish