Tuesday, May 24, 2011

An Amended Senate Bill SSB 5834 Passes the Senate, on to the House

An Amended Senate Bill SSB 5834 passed the Senate, on to the House.

As it stands, after Seahawks Stadium is paid off in 2021 (or sooner), 1/3 of the money goes to arts and heritage, 1/3 goes to workforce housing and/or to support homeless youth, and 1/3 goes to promoting tourism that attracts people to the county.

In 2021 that revenue is projected to be $25,567,000 (cut it up into 3rds).
To see what the 2% hotel tax looks like going into the future, please check out the spreadsheet used to explain (the now dead) HB 1997 here.
7th column from the right, under the blue HB 1997 bar is a bright red arrow pointing to $25,567,000 in 2021.
Yes, that is a lot of money.
No, there isn't a sunset clause in the bill.

Yes, it still goes to the House for a vote.


bmac said...

so this can be used for new stadiums? i didnt see anythng in there about that. Nothing about convention center expansion either

bmac said...

i couldnt open that 1997 link, is it 25 mill a year it generates?

Mr Baker said...

So far, yes it could fund a stadium. Convention Center lost out.

25 million a year, grows roughly a million or so a year, in 2036 is just over 50 million. From 2021 through 2036 generates over 251 million.

I am keeping my eyes peeled to see if there are any amendments on the House side.

Mr Baker said...

It could not fully fund a stadium.
It could be used in a public/private partnership.

bmac said...

well that could be the final 75 mill bellevue needs

bmac said...

of course all the sponsors are from Seattle i just noticed, so im assuming despite the sponsors ,the county has control of the funds...

Kieran in Dallas said...

I'm on the edge of my seat!

Anonymous said...

This probably should go in SC, but whatever. An article referring to the Sprint Center and how it's been a success and how it relates to Sactown's arena issues and possibly Seattle's (Bellevue!).


Mr Baker said...

The bill is on the House floor calendar, no amendments yet.

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