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Tuesday, August 09, 2011
KaDeena Yerkan, Alaskan Way Viaduct and Seawall Replacement Program, 206-805-2846; 206-795-1876 (cell)
Amy Grotefendt, Alaskan Way Viaduct and Seawall Replacement Program, 206-295-9846 (cell)
SEATTLE – The Washington State Department of Transportation (WSDOT) released the draft 2011 Initial Financial Plan for the State Route 99 Alaskan Way Viaduct Replacement Project today, which is under review by the Federal Highway Administration (FHWA).
The plan is a comprehensive report detailing the viaduct replacement project’s cost estimate and revenue structure. It shows sufficient financial resources are available to implement and complete the project as planned. FHWA requires financial plans for projects over $500 million and for those utilizing federal funds.
“This is a unique situation,” said Ron Paananen, Alaskan Way Viaduct program administrator. “We usually release a plan like this after it has been approved by the Federal Highway Administration so as to not cause public confusion. In this specific instance it appears to be in the public interest to release the draft while it is still undergoing review.”
The plan is required by FHWA as part of the mega-project requirements under federal law. The FHWA approves the plan after the record of decision; however, because of public interest, WSDOT has chosen to release the plan now.
The plan outlines the current cost estimate; project funding, revenues and financing; cash flow; and risk identification, mitigation and other factors. It does not include details about interest payments or other financial details, which will be part of an investment-grade study completed at a later date.
“What you see in the Initial Finance Plan is not that different from other financial reports WSDOT has released,” said Randy Everett, FHWA’s major projects oversight manager. “While FHWA is still reviewing the document, our preliminary conclusion is that it shows that WSDOT has the finances to build this project.”
The draft Initial Financial Plan can be downloaded at www.wsdot.wa.gov/Projects/Viaduct/Library.htm. WSDOT will release the final plan once it receives the record of decision scheduled for later this month.
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