daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > Continental Forums > North American Skyscrapers Forum > Metropolis & States > Seattle



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old July 30th, 2012, 10:36 PM   #1021
mlemour
Registered User
 
Join Date: Oct 2011
Posts: 235
Likes (Received): 0

http://blogs.seattletimes.com/today/...to-arena-deal/

City Council demands a cut of arena tax revenue
Posted by Lynn Thompson

The Seattle City Council today said the city must get a share of the projected arena tax revenue as well as as additional financial guarantees before it can agree to build a new arena in Sodo.

A letter to arena investor Chris Hansen this morning said a majority of council members don’t think the proposed arena deal represents “an appropriate balance of public and private benefits, nor [does it] sufficiently protect the City from the financial risks inherent in the arena’s financing”

“In order to move forward, we will need to arrive at a more equitable arrangement,” it says.

The letter comes as the King County Council is poised to vote this afternoon on a memorandum of understanding to build the $490 million arena in Sodo with $200 million in public financing. The county council is expected to approve the agreement, which would commit the county to up to $80 million in funding.

The Seattle City Council letter to Hansen says members “appreciate your willingness to significantly invest in our city and, like you, we look forward to the return of the SuperSonics.”

The letter continues that construction of an arena could be a catalyst for improvements to the stadium district, but that it also should provide “further protections of our vital maritime and industrial job sectors.”

Specifically, the City Council questions the current deal, which provides that 100 percent of the taxes generated by the arena go to pay off the city and county bonds. The letter said that’s not an appropriate balance between private and public benefit, “particularly not when the project will create impacts that Seattle taxpayers will be forced to address with other public resources.”

The letter says the city must be in a first lien position with respect to other creditors. The current MOU said that position will be negotiated when private financing is sought and critics have said banks are unlikely to allow the city to hold first place, but that a shared first place might be possible.

The city also is asking that the written agreement include the amount of equity Hansen and his investment group put into arena construction and team operations. It also asks for independent verification of financial performance targets.

The letter concludes, “If these issues can be resolved, we are prepared to quickly move forward a legislative package that is more financially balanced and strengthens protections for the City and its residents.” It is signed by eight council members; Bruce Harrell did not sign.
mlemour no está en línea   Reply With Quote

Sponsored Links
 
Old July 30th, 2012, 11:51 PM   #1022
testdrive
Registered User
 
testdrive's Avatar
 
Join Date: Dec 2007
Location: North Bend
Posts: 1,479
Likes (Received): 142

http://www.kingcounty.gov/KCTV/watch.aspx County council live streaming on arena currently going on.....
testdrive no está en línea   Reply With Quote
Old July 31st, 2012, 03:17 AM   #1023
alexjonlin
Registered User
 
Join Date: Jun 2009
Posts: 2,673
Likes (Received): 188

http://blogs.seattletimes.com/today/...rena-proposal/ County Council just approved it. I understand the City Council's objections. Their investment in the arena will get paid back, but every other business in the city pays taxes which go to providing services to the business, while currently the services being provided to the arena (mainly transportation) will be paid for out of the rest of the city's wallets.
alexjonlin no está en línea   Reply With Quote
Old August 4th, 2012, 05:26 AM   #1024
Distinguished_One
Registered User
 
Join Date: Aug 2012
Posts: 14
Likes (Received): 0

Building an arena without already having an NHL or NBA team would be foolish. KC built a downtown arena with the hopes of attracting a team in one of those leagues years ago, and they got neither. Both leagues have no plans for expansion within the forseeable future, so the only chance would be a relocation. But both leagues are also doing everything to prevent any more relocations.
Distinguished_One no está en línea   Reply With Quote
Old August 4th, 2012, 08:44 AM   #1025
RMacherat
Buy used books
 
Join Date: Feb 2008
Posts: 2,774
Likes (Received): 280

That may be true. But we really want our basketball back, and it was ordained that we should to be an NHL city. Therefore, we will spend half a billion dollars on an arena. Because we can. So butt out. (typed with all due respect, of course.)
RMacherat no está en línea   Reply With Quote
Old August 4th, 2012, 09:24 AM   #1026
The Reignman
RIP Supersonics 1967-2008
 
The Reignman's Avatar
 
Join Date: Mar 2012
Location: Seattle
Posts: 22
Likes (Received): 4

Quote:
Originally Posted by Distinguished_One View Post
Building an arena without already having an NHL or NBA team would be foolish. KC built a downtown arena with the hopes of attracting a team in one of those leagues years ago, and they got neither. Both leagues have no plans for expansion within the forseeable future, so the only chance would be a relocation. But both leagues are also doing everything to prevent any more relocations.
The arena will not be built until a team(s) is secured. Therefore we don't need to worry about having an empty arena with no revenue to pay for the costs. Become better informed on the situation by reading the MOU. http://www.seattle.gov/arena/docs/120516PR-MOU.pdf
The Reignman no está en línea   Reply With Quote
Old August 4th, 2012, 09:44 AM   #1027
Distinguished_One
Registered User
 
Join Date: Aug 2012
Posts: 14
Likes (Received): 0

Quote:
Originally Posted by RMacherat View Post
So butt out.
You'd do well to heed your own advice.
Distinguished_One no está en línea   Reply With Quote
Old August 4th, 2012, 10:56 AM   #1028
Distinguished_One
Registered User
 
Join Date: Aug 2012
Posts: 14
Likes (Received): 0

Quote:
Originally Posted by RMacherat View Post
So butt out.
Wrong. I have just as much right to post as you do. Actually I have more right to post in this thread as you. So butt out yourself.
Distinguished_One no está en línea   Reply With Quote
Old August 4th, 2012, 08:15 PM   #1029
BellevueBoy
Registered User
 
Join Date: Apr 2004
Posts: 1,057
Likes (Received): 1

Quote:
Originally Posted by The Reignman View Post
The arena will not be built until a team(s) is secured. Therefore we don't need to worry about having an empty arena with no revenue to pay for the costs. Become better informed on the situation by reading the MOU. http://www.seattle.gov/arena/docs/120516PR-MOU.pdf
Exactly. So tired of arena opponents tossing around erroneous info as facts. This deal is nearly ironclad in terms of shielding the public from risk. For those who want a Cliff Notes version of the timeline of the plan here goes:

1. MOU gets approved
2. Hansen starts searching for a team
3. Team is purchased and moved to Seattle.
4. Hansen breaks ground on new arena while new team (renamed to Sonics) will play at KeyArena in the interim
5. Arena construction completes and Sonics move into new arena

There is no way this arena breaks ground until an NBA team is purchased and moved to Seattle.
BellevueBoy no está en línea   Reply With Quote
Old August 4th, 2012, 09:05 PM   #1030
Distinguished_One
Registered User
 
Join Date: Aug 2012
Posts: 14
Likes (Received): 0

Quote:
Originally Posted by BellevueBoy View Post
Exactly. So tired of arena opponents tossing around erroneous info as facts.
I don't know if this is in reference to me, but I'm not an arena opponent. If someone told you I am they're lying.
Distinguished_One no está en línea   Reply With Quote
Old August 4th, 2012, 09:22 PM   #1031
RMacherat
Buy used books
 
Join Date: Feb 2008
Posts: 2,774
Likes (Received): 280

Only five posts and he's already butting heads all over the bar. My post was meant to be capricious and was typed occordingly. Besides, good luck picking a fight with somebody more destingwished than you who doesn't care about anything.
RMacherat no está en línea   Reply With Quote
Old August 5th, 2012, 12:29 AM   #1032
testdrive
Registered User
 
testdrive's Avatar
 
Join Date: Dec 2007
Location: North Bend
Posts: 1,479
Likes (Received): 142

ummmmmm so how about those Mariners............... ooooooops wrong thread
testdrive no está en línea   Reply With Quote
Old August 5th, 2012, 01:12 AM   #1033
The Reignman
RIP Supersonics 1967-2008
 
The Reignman's Avatar
 
Join Date: Mar 2012
Location: Seattle
Posts: 22
Likes (Received): 4

Quote:
Originally Posted by BellevueBoy View Post
Exactly. So tired of arena opponents tossing around erroneous info as facts. This deal is nearly ironclad in terms of shielding the public from risk. For those who want a Cliff Notes version of the timeline of the plan here goes:

1. MOU gets approved
2. Hansen starts searching for a team
3. Team is purchased and moved to Seattle.
4. Hansen breaks ground on new arena while new team (renamed to Sonics) will play at KeyArena in the interim
5. Arena construction completes and Sonics move into new arena

There is no way this arena breaks ground until an NBA team is purchased and moved to Seattle.
I know exactly how you feel. It surprises me that there are still so many naysayers out there spewing unfounded accusations about the arena deal in the comment sections of various websites, with Seattle Times being the worst I've seen. Not everyone is a NBA/NHL fan. I get that. But to oppose something that could benefit the city in many ways, with little to no supporting evidence, is getting old.
The Reignman no está en línea   Reply With Quote
Old August 5th, 2012, 01:33 AM   #1034
BellevueBoy
Registered User
 
Join Date: Apr 2004
Posts: 1,057
Likes (Received): 1

Quote:
Originally Posted by Distinguished_One View Post
I don't know if this is in reference to me, but I'm not an arena opponent. If someone told you I am they're lying.
Yes I was referencing you based on your tone when you said it'd be foolish to build this arena before securing a team. The comment about naysayers spreading lies is a more general statement about all the opponents on various websites (Times, Stranger, etc) and the ones that spoke at the public hearings.

I don't know what your stance is and I honestly don't care. I just have an issue with those who make false assumptions and then spread them as fact.
BellevueBoy no está en línea   Reply With Quote
Old August 5th, 2012, 08:38 AM   #1035
Distinguished_One
Registered User
 
Join Date: Aug 2012
Posts: 14
Likes (Received): 0

Quote:
Originally Posted by BellevueBoy View Post
Yes I was referencing you based on your tone when you said it'd be foolish to build this arena before securing a team.
WRONG. That does not make me an "arena opponent". It means I think it would be foolish to build this arena before securing a team. Who told you I was an arena opponent? Or did you just make that up yourself.


Quote:
I don't know what your stance is and I honestly don't care. I just have an issue with those who make false assumptions and then spread them as fact.
WRONG. I never made any "false assumptions". You are the one who made the false assumption (aka, lie) that I am an "arena opponent". Where did I make an assumption? All I said is it would be foolish to build the arena without securing a team. I never said that would happen. You made the ASSUMPTION that that's what I thought would happen, even though I never actually said that.
Distinguished_One no está en línea   Reply With Quote
Old August 5th, 2012, 10:25 AM   #1036
RMacherat
Buy used books
 
Join Date: Feb 2008
Posts: 2,774
Likes (Received): 280

One of my great-grandchildren asked me, "Great-grandfather, what's a troll?" Assuming he wasn't asking about the appearance-challenged homosexual usage, I showed him this thread. "Oh, I see," he said.
RMacherat no está en línea   Reply With Quote
Old August 5th, 2012, 06:00 PM   #1037
LCIII
Registered User
 
Join Date: Jun 2011
Posts: 4,850
Likes (Received): 695

Can we just drop it and get back on topic?
LCIII no está en línea   Reply With Quote
Old August 5th, 2012, 07:46 PM   #1038
Distinguished_One
Registered User
 
Join Date: Aug 2012
Posts: 14
Likes (Received): 0

Quote:
Originally Posted by RMacherat View Post
One of my great-grandchildren asked me, "Great-grandfather, what's a troll?" Assuming he wasn't asking about the appearance-challenged homosexual usage, I showed him this thread. "Oh, I see," he said.
So you showed him your posts? You didn't need to do that. You could have just replied "me".

You've got idiots attributing things to me that I never said. I never said I was against the arena. Nor did I say that the arena would be built without a team. Nor did I tell someone to "butt out" without prior provocation.

Oh, there are trolls in this thread all right.
Distinguished_One no está en línea   Reply With Quote
Old August 5th, 2012, 07:47 PM   #1039
Distinguished_One
Registered User
 
Join Date: Aug 2012
Posts: 14
Likes (Received): 0

Quote:
Originally Posted by BellevueBoy View Post
Yes I was referencing you based on your tone when you said it'd be foolish to build this arena before securing a team.
How does that make me an arena opponent?
Distinguished_One no está en línea   Reply With Quote
Old August 5th, 2012, 07:50 PM   #1040
Distinguished_One
Registered User
 
Join Date: Aug 2012
Posts: 14
Likes (Received): 0

Quote:
Originally Posted by RMacherat View Post
One of my great-grandchildren asked me, "Great-grandfather, what's a troll?" Assuming he wasn't asking about the appearance-challenged homosexual usage, I showed him this thread. "Oh, I see," he said.
Nope, you would be the troll. Telling me to "butt out" in post #1025 without provocation. Not only had I not provoked you prior to that post, I hadn't even addressed you once in the entire thread. You were trolling by giving me an order (to "butt out") to get a response out of me. That is the very definition of a troll.

As for BellevueBoy, I want him to show me exactly where I said I was against the arena. I think he's lying. I don't think I'm against the arena at all. Maybe I did say that though. Just give me the quote and the post number.
Distinguished_One no está en línea   Reply With Quote


Reply

Tags
seattle

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT +2. The time now is 11:04 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Feedback Buttons provided by Advanced Post Thanks / Like v3.2.5 (Pro) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu