Fewer people driving, but construction bonds to pay = higher tolls.
That’s the story facing Washington state drivers who utilize the SR-520 floating bridge (photo, left), the Seattle SR-99 tunnel, or the Tacoma Narrows bridge (photo below), the Seattle Post-Intelligencer said on Thursday, May 13, 2021 (read story here).
All three projects are facing large revenue shortfalls because of low traffic. And while federal pandemic funds have helped, they’re not enough to prevent toll increases.
On SR-520 (left), traffic fell 54% and toll revenue is $53 million short; in the tunnel, traffic was down 37% and the shortfall is over $12 million; and on the Narrows bridge, despite traffic bouncing back more quickly, the shortfall is over $14 million.
Fewer drivers mean those still using the toll bridges and tunnel will pay more. The state transportation commission is considering hikes in the neighborhood of 15%, although it could vary by bridge and peak or non-peak hours.
The question then is whether motorists will act in a rational manner that economists would expect. Which will mean less traffic even after traffic bounces back. Motorists can decide not to take a trip, use a different route, use a bus, go with walking or bicycles. There is also the option of risking default on the bonds by doing nothing at this time, traffic will return, and the state does have a created crises it created to point to for any future difficulties with the bonds and all. Government is also able to do a second bond to make up the shortfall.