Mayor Mike McGinn sent the city council legislation this morning to run a special May election to replace the downtown waterfront seawall. The legislation calls for a 30-year, $243 million bond measure.

In a letter to council president Richard Conlin this morning, McGinn laid out his reasons for proposing a bond measure rather than paying for the seawall through other sources, such as a local improvement district (LID). "The regional and critical nature of this project lends itself to a regional and stable revenue source," McGinn wrote. "Additionally, a Local Improvement District will take time to establish. This is not something that can be easily created in 2010."

The council has stated, more or less unequivocally, that they have no interest in putting the seawall measure on the ballot in May. I've got calls out to several council members to see if they've changed their position. Assuming the council still opposes a May vote (which would cost the city around $1 million), the measure could go on the ballot in May or August.

McGinn also reaffirmed his commitment to  funding the remaining Alaskan Way Viaduct replacement projects through sources other than a parking tax or a vehicle license fee, which he has said he'd prefer to reserve for projects like light rail expansion and the bike and pedestrian master plans.

I'll have more after a press briefing at McGinn's office this morning.