Originally published Sunday, December 14, 2008 at 12:00 AM
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Port may halt work at Sea-Tac car rental
The Port of Seattle wants to halt work on a $400 million rental-car facility at Seattle-Tacoma International Airport because it can't find investors to buy bonds for the project amid the national credit crisis.
Port commissioners will vote Monday to suspend work for up to one year on the facility, which will include a 5,400-car garage.
Port bonds are rated triple-A, according to spokeswoman Charla Skaggs. But its bonds are taxable, unlike most municipal governments', and "that means our pool of investors is nonexistent right now."
Rental-car customers would pay off the bonds through a $4-per-day fee, which has been collected since February 2006.
Copyright © 2008 The Seattle Times Company
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