Comments on: Mayor and County Executive announce new, self-funded arena proposal

By: Bill Bradburd

Bill Bradburd — Thu, 08 Mar 2012 18:31:19 +0000

For the person posting as “Do people not read?”

there is a slight of hand going on here. Taxes that the stadium would pay to the city – $200M+ – are being diverted to pay off their construction loan.

I see this as taking $200M from the general fund.

McGinn will call this taxes that wouldn’t be there if the stadium wasn’t there. Maybe. But those taxes would have been spent elsewhere (with the Mariners, or buying a boat, or whatever). There is not magic money being made here.

The deal is a scam against the citizens of Seattle and a $200M gift to “Mr Hansen”.

He’s a hedge fund manager – the same class of folks that bamboozled the U.S. and created our current financial crisis. Don’t be a gullible dupe…

By: David Geoffrion

David Geoffrion — Thu, 08 Mar 2012 04:10:19 +0000

Seems like a mistake to try and stuff it all into the SODO district. What a traffic nightmare, when more than one event is going on at the same time.

By: Do people not read?

Do people not read? — Fri, 02 Mar 2012 22:21:51 +0000

The public money involved is $200 M in FINANCING (read: a loan — team owners would repay the city and county’s $200 million debt through rents and taxes, including sales, property, admissions and business-and-occupation taxes generated by the arena.). The private investors are responsible for paying it back and for any cost overruns. There is zero money taken from the general funds at the state and local levels.

http://seattletimes.nwsource.com/html/localnews/2017544323_arena19m.html

By: Thiel: Will Ballmer be eager to drive Poach Coach? | Sportspress Northwest

Thiel: Will Ballmer be eager to drive Poach Coach? | Sportspress Northwest — Sat, 18 Feb 2012 17:55:14 +0000

[...] And as far as I can tell, the trigger event is poaching an NBA team from another city. Even though Mayor Mike McGinn and others said Thursday it would require poaching an NHL team as well, the concurrent acquisitions [...]

By: Bill Beyers

Bill Beyers — Sat, 18 Feb 2012 05:46:37 +0000

No regional economists are on this panel.
No framework is laid out for how it is to evaluate economic impacts of this project to assure that estimates of tax revenues are not just a shift of impacts of spending from existing consumption streams to this project by local residents. It does not identify how “new money” would be measured.

By: Fred

Fred — Sat, 18 Feb 2012 05:08:00 +0000

We’re entering a new era in which the criteria for decision making has to take into account what earth systems– our land, water and air can handle. This is not just an economic and political decision. It is a moral decision as well and it’s time we think hard about what we need rather than what we want. Growth for the sake of growth is the ideology of a cancer cell (E. Abbey)

By: Exeter

Exeter — Fri, 17 Feb 2012 21:05:44 +0000

Great! Just what we need is ANOTHER sports stadium, paying homage to millionaires and causing even MORE traffic problems. And I agree with “Rich” and his comment on February 16, 2012 at 4:26 pm, about the financing questions that are unanswered. I have also been a supporter of the Mayor, but this time I vote no! Which in itself is ironic, because even if this comes to a vote, the outcome will be disregarded. (think the Monorail, Safeco field, etc.)

By: Holly

Holly — Fri, 17 Feb 2012 16:39:47 +0000

We already have a basketball team called The Storm. Yes, WNBA, which although has underpaid players, has some of the most talented players in the world! Furthermore, they can share Key Arena. Please don’t use any tax dollars for this venture at this time. Neither investment dollars nor maintenance.

By: Mitchell

Mitchell — Fri, 17 Feb 2012 16:20:13 +0000

This City has been a shell of it’s former self since the Sonics left the Key. It’s full of bitterness and a lack of unity. These comments above represent the type of negative attitude…”Seattle Freeze” that I have grown to despise. No let bring back the pride of our city along with a economic boom we so despartely need in the downtown area.

By: BJN

BJN — Fri, 17 Feb 2012 16:12:54 +0000

Seattle needs to stop building arenas when the Seattle schools are facing deficits, homelessness is increasing, food banks are empty, and the streets need repairs. The new millennium brought with it an era of austerity. This is no time to build play rooms for the rich.

By: Bob

Bob — Fri, 17 Feb 2012 06:13:16 +0000

I have to agree with Rich’s comments above; Why no mention of the $200,000,000 in public funds? City Council members are asking the right questions. We need to see specifics with regard to tax revenue assumptions that you say will repay that $200 mil. And for once, let’s do a detailed Failure Mode Analysis on the whole deal and base assumptions on worst case, not best case scenarios.

By: Bill Barbera

Bill Barbera — Fri, 17 Feb 2012 05:31:46 +0000

I do not wish to see ANY public funds from the city or county or state or country go towards this stadium!!!
Or in the form of tax rebates or any sneaky way the private investor and cronies political or otherwise dream up.

By: Ardith

Ardith — Fri, 17 Feb 2012 02:56:21 +0000

Why is it that sports is what everyone thinks is going to kick-start our state? If someone wants to have a stadium for some type of sports, why don’t they use only their money to do so and leave the state out of it? How much revenue from our other two stadiums are we getting? Especially from the one that voters voted DOWN twice! I’m really tired of our taxpayer money being wasted for something that all residents of our state won’t use but will have tax dollars collected. There may not be new taxes now but you can bet before it gets started they will start upping taxes to cover the $200 million that isn’t being covered by the private sector!

By: Bill Duroe

Bill Duroe — Fri, 17 Feb 2012 01:38:38 +0000

I note no impact on general fund, both city & county?? I would prefer No Public Funds!! No tax deferrals!! No Tax exemptions!! No dedicated taxes!!

Having experienced colorectal procedures with baseball bats, footballs, streetcars, tunnels, & Mercer realignments, I get very anxious when I see 1%ers bearing gifts.

By: Jim Cissell

Jim Cissell — Fri, 17 Feb 2012 00:55:29 +0000

Nice speach, Dow. You done the Law School proud. But you’ve got to get rid of that tie. It’s driving the video camera crazy. Go, Sonics! Holler if I can help.

By: CoeTug

CoeTug — Fri, 17 Feb 2012 00:49:23 +0000

We are supposed to believe this? We already tax support two football stadiums, a baseball stadium and an arena. With tax money paying for them even though it is hidden. We are supposed to believe that private developers are going to bulid it for $300 million. We get stuck for road development, traffic jams, police and fire while there are lots of areas of the city with no sidewalks, crappy bus service and pot-holes all over. And the facilities sit empty, the employees are poorly paid scabs.

By: Phil

Phil — Fri, 17 Feb 2012 00:35:14 +0000

We do not need another “publicly-owned, multi-purpose facility that hosts a vvariety of recreational and cultural events for the benefit of the entire region.” If someone wants to build a facility, hire performers, and sell tickets to their performances, he should purchase some property, build his facility, and operate his private business like any other.

By: Steven

Steven — Fri, 17 Feb 2012 00:32:08 +0000

Lets get a basketball team that wins games .So go slow picking a team,we already got two losing teams that really don’t need the top of the line arena they have!!

By: Rich

Rich — Fri, 17 Feb 2012 00:26:03 +0000

I am a supporter of the mayor, but where is the mention of the $200 MILLION in public funds that are being provided, found in the first paragraph of the Seattle Times story (http://seattletimes.nwsource.com/html/localnews/2017525119_arena17m.html), later referred to as being “repaid” through tax revenue, etc.? If this is wrong information, how did it appear in the Times? If it’s correct, why does this information above not mention it and call the project “self-funded”? That seems mighty disingenuous to me, and very disappointing! Why are the city and county (again) throwing PUBLIC monies in a tight economy towards a PRIVATE business? Can all businesses pony up to the trough?

By: Jerrya

Jerrya — Fri, 17 Feb 2012 00:17:18 +0000

It would be great if this works, I am not an NBA fan, but a fan of the Coyotes NHL club (Phoenix native) and if this would come true, that they come here, season tickets would be assured! Thanks for bringing the possibility here!