Friday, June 29, 2012

City Council skeptical of arena as public investment | Local News | The Seattle Times

Councilman Burgess,

I was there today. You know the city is not investing any cash, and that I-91 standard is that of a T-Bill (2.7%).

It's as if we were at different meetings.

The I-91 requirement is "cash over cash". Not only doesn't I-91 apply since we are NOT investing cash, but even when you pretend we are investing cash the investment still complies with I-91.

Go borrow $200 million dollars and invest it in Treasury Bills. Let me know how that pencil's out.

"We invest $200 million; we get $200 million," said Burgess. "A real-estate investor would expect a return of 5 to 6 percent."

You are inventing criteria not required or applied to the Seattle Storm Lease. The double standard is unacceptable.

Be fair,
Mike Baker
Seattle, WA

Sent from my iPhone
Visit me here: