Monday, April 20, 2009

SB 6116 Spoiler Alert

Spoiler Alert!
Stop reading if you have lost all hope!

Substitute Senate Bill 6116 has been posted to the bill's home page. Language that fulfills the terms of the settlement between The City of Seattle and Clayton Bennett is located on page 11.

I have read it, I will have to read it again to see where the money really goes, and I have a spreadsheet from house bill 2252 in my coat pocket, and it is such a nice day that the pocket is in the coat, in the closet.

It looks like low-income housing and arts infrastructure is about to get tens of millions of dollars.

It also looks like Seattle only keeps Seattle generated money if a team is secured by 2013, and that there is at least $150 million in private finds, in 2008 dollars, adjusted for inflation.

This does have a chance of passing, a pretty good chance.

A week to go, and Green has been golden, Murray is a champion.

Thanks to you Margarita, and the Ways and Means Committee.

A week to go, feels like forever.

Have a great day,
Mr Baker

Sent from my iPhone


Tipsy McStagger said...

Mr Baker is uw's stadium tax grab "dead" as Brian Robinson said on KJR today? Some believe it is still alive, somewhere. Or are the Key renovation and UW tw different things now?

Anonymous said...

UW's tax grab? They're both public facilities. The taxing authority will apply to both venues. Mr. Baker correct me if I'm wrong.

Anonymous said...

More on 6116 and how it affects the Key as well as Husky Stadium.

Mr Baker said...

At first read I guess that KeyArena is first in line for those funds. Failing that maybe there would be enough for husky stadium.
I really do not know.

The second senate report says:
(Recommended Substitute): After the Kingdome bonds are paid off, half of the hotel-motel
tax monies are for low-income housing. Beginning in 2021, 37.5 percent of hotel-motel tax
in King County will go to low income housing. Beginning in 2013, as necessary, funding is
provided for Safeco Field maintenance. If by 2013 the city of Seattle has a lease with an
NBA team the 2 percent car rental tax and the King County food and beverage tax raised
within Seattle must go to pay for bonds for necessary improvements to Key Arena. The 2
percent state shared hotel-motel tax that Yakima County imposes within the city of Yakima
is extended from 2021 to 2035. The 0.016 percent and 0.017 percent credits against the state
sales tax must be ended when there is no more public facility district distributions going out
to any other jurisdiction. "

Yakama got theirs extended through 2035 (that's all they asked for in testimony a month ago).

The special fund split 3 ways (arts/housing/special fun) through 2025 is not enough going into the special fund. At the end of the Safeco lease in 10 years they get first crack, the question becomes how long that tax goes and how much safeco will need. best case there is a delay in knowing that.

BTW, there was another bill passed on Saturday, 1290, senate added King County into it, allowing them to collect another fee in hotels for a tourism promotion.
So, maybe that is where the heritage museums get funding
So, there is more money than just 6116 (assuming both pass).

Mr Baker said...

The food and bev tax ending in 2015 hurts.

This is a 539 million dollar bucket of money, Key is getting 75.

150 to UW
we are at 225
arts, low-income housing a hundred each?
Safeco upgrades ???

UW needs to either get the food and bev tax extended with an amendment (not likely), or answer the safeco question ASAP.

more than anything, time will solve this question within a year, the economy is either going to recover or not, thee will be greater revenue or not.

Why is the Apple Cup being kicked around the press right now, why now?
I think they are going to look at scaling down the remodel (my guess) and try to throw the Tyees a bone by having the game in a pro-style, tail-gate friendly, venue. That's plan B they claim does not exist, they take the apple cup away from pullman (not likely IMO).

I really don't know.

Anonymous said...

Any chance that those food, beverage and car rental taxes get extended through to 2016? I thought that was the original intent since the bonds for Safeco and Qwest field were going to mature in 2012. I haven't been doing my homework lately Mr. B. For me ignorance is bliss until something really positive happens on both fronts for the Dawgs and the Key.

Mr Baker said...

Car rental was always in, stayed in.

Restuarant taxes end in the original house bill 2252, they end in 6116 to.
There is no real point, the husky's problem is . . . They did not get explicit language and will have to battle for those funds at the county level.