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State Transportation Commission proposes Tacoma Narrows Bridge toll rate increase
Published:2015-03-24 State
State Transportation Commission proposes Tacoma Narrows Bridge toll rate increase Toll customers and other interested persons will have a number of opportunities to comment on the Washington State Transportation Commission’s toll rate proposal for the Tacoma Narrows Bridge. Comments will be accepted starting today, March 24, until the final hearing on Wednesday, May 20. The commission is proposing a 50 cent increase in 2015 and an additional 50 cent increase in 2016. The new rates would take effect on July 1 each year. The rate increase reflects the recommendations provided by the TNB Citizen Advisory Committee. The proposed toll rates effective July 1, 2015, are: There will be three meetings for the public to comment on the rate proposal: In addition to the public meetings, comments can be submitted until May 20 to the commission in a variety of ways: Website: Submit comments utilizing the online comment form on the commission’s website, under “contact us”: http://wstc.wa.gov/ContactUs/feedback.htm Online Discussion Forums: People can join the Voice of Washington State (VOWS) input program and post ideas and comments utilizing the commission’s online discussion forums. Persons will be able to see all the comments submitted and can vote on them. In Writing: Phone: 360-705-7070 The commission is required by law to set toll rates for the Tacoma Narrows Bridge in an amount that is sufficient to pay the annual debt payment increases for the bridge, as well as to pay for costs related to maintenance, preservation and operations of the bridge. The commission evaluates several factors in arriving at its rate proposal, including bridge expenses that are paid for by toll revenue, trends in traffic volumes, the schedule for bond payments, ending balances in the toll revenue account, the rate recommendations from the governor-appointed Tacoma Narrows Bridge Citizen Advisory Committee and public input. The bridge was financed with an escalating debt structure to minimize the initial toll rates and impact on bridge users. Debt payments started out low when the bridge opened to traffic in 2007 and are now rising steeply, requiring additional toll revenue each year to pay the escalating obligation. Over the next four fiscal years, debt service payments grow from $54 million in 2015 to $73 million in 2019. For more information about the commission visit: www.wstc.wa.gov/
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