Seattle Monorail Project

The system's construction and operation was to be carried out by a new agency, the Elevated Transportation Corporation (ETC), using private funding.

This proposal was put before the voters as Citizens Petition #1 in November 2002 which would propose to dissolve the ETC, create a new monorail agency, construct the Green Line as the first part of the system, and enact an annual 1.4% motor-vehicle excise tax (MVET) on Seattle vehicles to fund the project.

[8] The tax to fund the project began effective June 2003,[9] and was levied annually on each car registered in the city based on the MSRP of the vehicle and a fixed depreciation table.

[13] Seattle Mayor Greg Nickels gave the board an ultimatum to create a new financial plan or lose city support for the project.

Proposition 1 was defeated, 65% to 35%,[15] and in response the SMP reduced staff, terminated the annual motor vehicle excise tax on Seattle vehicles effective June 30, 2006 (three years after it was first implemented) and began liquidating properties already purchased for the Green Line.

[16] The Seattle Monorail Authority was formally dissolved on January 17, 2008, after liquidating all of its assets, repaying its debts, and transferring its remaining $425,963.07 to the King County Metro system.

In addition, an alternative central north–south Rainbow corridor was added, running from downtown to the University District and continuing on to Northgate and Lake City, approximately following the route of I-5.