BE Daily Blog

Oct. 27, 2009 at 10:55am

Point Ruston project moving forward

Thanks to recent agreements by the Town of Ruston and the City of Tacoma to amendments for a local improvement district, crews will begin roadway revisions to eliminate the traffic tunnel at the former Asarco smelter site.

Installation of two roundabouts will reduce congestion and provide greater access to the waterfront, in addition to closing down the cramped and contaminated tunnel connecting Ruston with Tacoma.
"The realignment of Ruston Way will greatly improve traffic flow and safety while reducing gridlock in the area," said Mike Cohen, principal of the firm building homes, condos and eventual retail sites in Ruston. "As the developer, (Point Ruston) pays all the costs of the project, including city formation and guaranty fund costs of almost $3 million. The LID agreement provides access to municipal bonds to provide financing for the project."

Tacoma City Council voted to amend the LID agreement to increase the financing from $11 million up to $15.5 million to account for final design requirements that increased the scope of work and thus increased costs.

"This is Point Ruston's nickel at work," Cohen added.

Plenty more in the Archives

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