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

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