Elected leaders have decided to replace the ailing Alaskan Way Viaduct with a deep bore tunnel, ending years of debate between city, county and state officials.

Most funding would have to come from the state, with some help from the county and city. The funding plan also includes a local investment district.

About $2.8 billion has been set-aside by the state to pay for the project. The original price estimate for a tunnel was $3.5 billion.

The state legislature will still need to approve the plan, which will be presented by Gov. Chris Gregoire, King County Executive Ron Sims, Mayor Greg Nickels, and Chief Executive Officer of the Port of Seattle Tay Yoshitani.

The viaduct was damaged in the Feb. 28, 2001 Nisqually Earthquake and has been steadily sinking since.

Nickels has favored a tunnel option and the recent decision falls roughly in-line with his plans.

However, a 2007 vote resulted in little support for a tunnel option to replace the damaged structure.

As it stands, the tunnel would connect the stadium area with Aurora Avenue with exits near Royal Brougham Way South and north of the existing Battery Street Tunnel. Some traffic would be routed southbound onto Alaska Way and northbound onto Western Avenue.

Plans also call for 50 mile-per-hour speeds on two highway lanes traveling in each direction.

The "No Tunnel Alliance" plans to hold a rally Tuesday, Jan. 13 in opposition to the deep-bored tunnel option. The rally will be at the World Trade Center, 2200 Alaskan Way at 8 a.m.

The Alliance is chaired by activists Gene Hoglund and John Fox who say a tunnel will result in a "lack of connections" and "have a devastating effect on Seattle?s maritime and industrial businesses that provide many family wage jobs."