Seattle Monorail Property Sale Going Well

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By By Associated Press

Summary

Selling property that was purchased for use in the now-defunct Seattle Monorail Project is bringing in more money than expected and that could end the car-tab tax sooner than anticipated.

Story Published: Apr 11, 2006 at 6:32 PM PDT

Story Updated: Aug 31, 2006 at 2:16 AM PDT

Seattle Monorail Property Sale Going Well
SEATTLE - Selling property that was purchased for use in the now-defunct Seattle Monorail Project is bringing in more money than expected and that could end the car-tab tax on residents here sooner than once anticipated.

The tax was expected to continue through August, but Jonathan Buchter, project chief operating officer, said it could end sooner if sales continue at the same rate. The agency collects $4 million a month in taxes.

Twenty-two properties have been sold, grossing $36.9 million. The project paid $25.2 million for those parcels. The biggest profit came in Ballard, where the project sold a cluster of four properties for $15.6 million. It cost $9.6 million initially to buy that land.

Only one property has been a loss thus far. A Quiznos Restaurant near Ballard High School was bought for $1.9 million, but sold for $1.7 million.

Twelve properties remain to be sold.