Parkway construction to begin this fall

First, my apologies for not posting in the last few weeks. The family and I were on a much needed summer vacation.

Shortly after my return this last Tuesday the city council approved in a 6-1 vote to proceed with Coal Creek Parkway Phase 2 and has awarded the construction contract! That means that we have approved both phases 2 and 3 and construction will begin shortly on the roadway. Current estimates are that the construction should last around 22 months. So if we can break ground in September we will hopefully see a completed road by mid-summer of 2009.

Current financial status. - In the past few weeks we have been awarded some additional funding as well as identified a few possible other future grants.

• The TIB (Transportation Improvement Board) voted and approved an additional 2 million dollars for the project.
• The TIB director also has the authority to grant an additional 1.5 million at the end of the project if needed.
• Senator Patty Murray has included a $1 million line item in the federal budget that is expected to be passed in September.
• The King County Council looks to be including $1 million in the upcoming county budget this November.

In addition to the grants above, the city has been identified to receive a public works trust fund loan of $5 million. This loan is at an interest rate of 0.5% (that is one half of one percent!) In the case that we need to borrow money we really can't beat this rate. It would mean payments of approx. $55 thousand a year per million borrowed for 20 years.