Metro Seattle: NHL, NBA and Arena - Part V
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09-25-2012, 09:03 PM
Smartest in the Room
Join Date: Apr 2006
Originally Posted by
247m in public bonds will be used 200m for the arena 40m for transportation fund 7m for Seattle center. It will be paid back by revenue generated by the arena. Rent, ticket tax, food/drink tax merchandise tax etc Only those that purchase a ticket to the events will pay for it. Any revenue short fall will be covered by Hansen, all cost over run will be covered by Hansen.
120m city 80m country. I can't recall how the transportation fund is being split off hand. 200m max in bonds if NBA and NHL 120 max 115 city 5m county if NBA only.
If no NHL Hansen is on the took for that 80m difference.
It was specifically clear by King county and Seattle that the general fund is off limits and no new taxes.
Sounds better than the deal a lot of taxpayers in other cities received. I hope the money that Hansen is supposed to provide if there is a revenue shortfall is in some type of escrow account.
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