ST2 hasn’t even been approved and the cost has already come down by more than $7 billion:
It will cost an estimated $30.8 billion to build an expanded Sound Transit light rail system, operate it for 20 years and repay financing costs over 50 years, according to a revised calculation made by Sound Transit.
This is more than $7 billion less than the agency reported earlier.
Urban-area Puget Sound voters will be asked to approve the new amount as part of a November ballot and would continue to pay for it until bonds are repaid in 2057, the agency said.
Sound Transit said when it reviewed the initial calculations before the larger number was published that it didn’t catch the fact that it double-counted $7 billion in costs, inflating the total. The amount double-counted was the portion of construction costs to be financed through bond sales. Sound Transit spokesman Geoff Patrick said someone outside his agency, whom he wouldn’t identify, pointed out the error.
Wow. I guess that should make it easier for voters to swallow!