The Port Commission seems to have been caught by surprise by the intended move of Southwest and possibly other airlines to Boeing Field.
The Port bond evaluation and state audit show 71 percent of the port business relates to the airport. Why doesn't the commission meet at the airport 71 percent of the time?
When Jim Bartlemay and I ran for Port Commission eight years ago, the Port's engineering firm placed airport improvement costs at $6 billion. At that time the Port long-term debt was $1.05 billion.
By 2000, when we would have left office, the long-term debt was $1.47 billion.
At the beginning of 2005, the debt had escalated to a whopping $4.38 billion. This includes $1.85 billion in interest payments.
This Port debt is guaranteed by King County property taxes.
The amount of the Port debt is greater then a first class Cruise to Alaska for every King County resident.
Bond evaluations indicate that the Port plans to borrow another $3.4 billion. To date, these so-called improvements are only a large empty parking lot, new picture windows and a huge pile of dirt.
These airport improvements are on 2,800 acres of public property. Any default is a tax liability.
The Port Commission should fire the manager and place the port improvements on the ballot for a VOTE.
Dan Caldwell
Des Moines