Port of Seattle Commission President John Creighton announced last week that an agreement in principle has been reached with their regional partners on a land deal for the State Route 509 highway extension.

The land deal will slash the project's cost by $25 million, Creighton said.

Extension of SR 509 south to Interstate 5 is one of several key regional links contained in the proposed Regional Transportation Investment District (RTID) funding package slated for the fall ballot.

But it was in jeopardy because of construction-cost inflation that has hit all major transportation projects in the region.

The agreement by the Port is an important step in moving this project forward, Creighton noted.

Under terms of the deal, the Port will sell to Washington State Department of Transportation (WSDOT) land needed for SR 509 that the Port acquired years ago under its Noise Remedy Program.

The two agencies also will proceed with a recently negotiated land trade, and pursue other property trades or sales needed for the freeway construction.

"SR 509 is a vital link for all south-end businesses, residents, and Sea-Tac Airport," said Creighton. "I am happy to report that today's progress represents partners working together on this important transportation link."

The SR 509 project will complete the highway between South 188th Street near Sea-Tac International Airport and I-5 to provide a speedy new connection for freight traffic between Seattle's seaport and industrial area, I-5 and south King County distribution centers.

The project also will help relieve overall congestion on I-5.

"This took the hard work and skills of many people," Creighton said. "I am very appreciative of the support from King County Councilmember Julia Patterson (D-SeaTac), who serves on the RTID board, as well as the Port staff and their counterparts at WSDOT and our neighboring cities."

Patterson added that she welcomes "the partnership of the Port of Seattle on this critical transportation project.

"Completing the missing link between the dead end of SR 509 and Interstate 5 will take trucks off the Southcenter Hill, provide a new and improved way to get to Sea-Tac Airport from the south and help freight move more easily through our region."

She added that the partnership between the Port and RTID "will ensure that this project remains a part of this November's Roads and Transit plan."