FOR IMMEDIATE RELEASE: 6/2/2015
Licata proposes balanced, alternative funding approach for Move Seattle Transportation Levy
SEATTLE – Councilmember Nick Licata announced an alternative funding proposal for the Move Seattle transportation levy today, which would fund transportation investments through diverse funding sources. He advanced the proposal prior to Tuesday evening’s 5:30 p.m. public hearing on the proposed nine-year $930 million levy. The Mayor’s proposal funds the transportation levy using exclusively property taxes.
Licata’s proposal would reduce the size of the property tax levy to $600 million, and the remaining $330 million would be funded by a 5% commercial parking tax, an $18 employee hours tax, and a transportation impact fee on future development.
The parking tax and employee hours tax are estimated to raise just under $230 million over nine years. Passing a transportation impact fee to mitigate future development could produce an additional $100 million. Licata will bring forward separate legislation for the commercial parking tax and employee hours tax.
“I believe this balanced package is the surest approach to reaching the $930 million in needed transportation funding identified by the Mayor, while maintaining affordability in Seattle,” said Licata.
A $600 million levy would be a 42% increase over the current Bridging the Gap levy, using 2015 dollars. The owner of a median $450,000 home would pay $179 in 2016, versus $277 for a $930 million levy.
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