Port Commission Votes to Suspend Construction on Rental Car Facility

Global economic difficulties prevent long-term financing

The Port of Seattle Commission voted today to temporarily suspend construction on the $400 million consolidated rental car facility. The ongoing downturn in the credit market means the agency cannot sell the taxable, long-term bonds needed to finance the project. The project would have created up to 3,000 jobs during construction.

“The Port is in the business of building trade and transportation infrastructure that create jobs, so today's decision is particularly difficult,” said Commission President John Creighton. “I look forward to the date when the global economy recovers, we can finance this project and welcome construction workers back on the job.”

In October, the Port Commission voted to use $20 million in general airport funds to keep the project on schedule for a few more months, with the hope that economic conditions would improve. Today's vote suspends the project for up to one year until long-term financing can be found. Turner Construction, the prime contractor for the project, will complete stormwater and temporary erosion and sediment control measures and will maintain the stormwater quality treatment facility during the suspension.