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From: Office of the Mayor <mike.mcginn@SEATTLE.GOV>
Date: February 16, 2012 4:13:10 PM PST
To: MAYORMCGINN@TALK2.SEATTLE.GOV
Subject: [MAYORMCGINN] The Reader - New, self-funded arena proposed
Reply-To: mike.mcginn@SEATTLE.GOV
THE READER
From the Office of Mayor Mike McGinn
News, Updates, and InformationTHURSDAY, FEBRUARY 16, 2012
New, self-funded arena proposed for Stadium District
Seattle Mayor Mike McGinn and King County Executive Dow Constantine today announced that a private investor, Christopher Hansen, has sent a proposal to the City and County to construct a new arena in Seattle's Stadium District with the ability to host an NBA and NHL team. Together, the Executive and Mayor also appointed an Arena Advisory Panel of community leaders and finance experts to evaluate Mr. Hansen's proposal.
Mayor McGinn and Executive Constantine said that any agreement eventually reached by the City, County and the private investor must adhere to the following principles:
• A new arena must be self-funding, and not rely on new taxes;
• Existing City and County funds and services would not be adversely impacted;
• Private investors would bear risk against revenue shortfalls;
• Any project cost overruns will be the responsibility of private investors;
• Private funding should be provided for a study of ways that Key Arena can be modified to keep it a financially successful part of Seattle Center.
"This is great news for Seattle," said McGinn. "On first look, we have an exciting proposal that, if successful, would mean hundreds of millions of dollars of private investment in our city – an investment that means even more during our city's fragile economic recovery. And I think that the work by City and County staff, combined with outside expertise on arena financing, have resulted in a proposal that protects our city general fund from any negative impacts and protects the city into the future, should there be any revenue shortfalls. And more work needs to be done. I look forward to the Review Panel's report to our respective legislative bodies as they bring their financial experience and expertise to bear on this proposal."
You can read more about the proposal on the mayor's blog, including Mr. Hansen's letter and information about the Arena Advisory Panel.State of the City speech
Mayor McGinn will deliver his annual "State of the City" speech on Tuesday, February 21:
2:00 p.m. City Council Chambers, Seattle City Hall Second Floor, 600 Fourth Avenue
Overflow seating will be available in the Bertha Knight Landes Room on the First Floor
You can watch the speech live at seattle.gov/mayorlive or taped at seattle.gov/mayor/photos/videos.htm, courtesy of the Seattle Channel.
Goodwill breaks ground on new workforce training facility
Mayor McGinn spoke at the groundbreaking for the new headquarters of Goodwill at Rainier and Dearborn, which will be the site of the organization's future regional administration and training facility.
All of the speakers at the groundbreaking echoed the same theme: at a time of nearly unprecedented economic challenges, programs like Goodwill's are indispensable for the many people in our city who are not currently able to find work or provide for their families. There is great prosperity in Seattle, and we celebrate the success of our local businesses, but our growing challenge is to be able to widen the circle of people who share in that prosperity. Goodwill is a crucial partner in that work.Upcoming Events (for more see http://seattle.gov/mayor/Engage/access.htm):
Feb 16: 6:30 p.m. - Arts Education Forum, Pigott Auditorium at Seattle University (901 12th Ave)
Feb 17: 5:00 p.m. - Belltown Community Forum, Millionair Club Charity (2515 Western Ave)
Feb 22: 10:00 a.m. - Youth Education, Career and Resources Fair, Rainier Community Center (4600 38th Ave S)
Feb 28: 5:00 p.m. - Ballard neighborhood town hall with Mayor McGinn, Ballard Landmark (5433 Leary Ave NW)
What we're reading:
Running on Fumes: Snippets from the Port of SeattleSeattle interactive media industry 'grows 133%'
U.S. House sends Seattle transit leaders into a cold sweat
Lawmakers should keep the pressure on sex-trafficking ads
Recent blog posts:
The weekend in picturesStatement on signing of marriage equality bill
Technology grants available for civic engagement and broadband adoption
Connecting women and minority-owned businesses with the Elliott Bay Seawall Project
Upcoming Outreach Events - Blog - Facebook - Twitter - Flickr
Engage Seattle - Jobs Plan - Nightlife - Walk Bike Ride - Youth and Families
Office of the Mayor
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