maple235

The effects from the weakening economy are now hitting airports as well as airlines. Seattle-Tacoma International Airport announced Monday it is suspending work on its $412 million consolidated rental car facility. In a press release, the Port of Seattle says "the ongoing downturn in the credit market means the agency cannot sell the taxable, long-term bonds needed to finance the project."

The Seattle Post-Intelligencer says “the decision could add as much as $40 million to the cost of the project, which the port had planned to debut by spring 2011, and imperils as many as 3,000 jobs until the bond market improves." The project will be suspended for up to one year.

maple235

Tuesday, December 16, 2008

Economy stalls Sea-Tac project

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