Northwest Voices | Letters to the Editor
Arena debate, continued
A few exclusions
Regarding The Seattle Times column on the good deal being offered for sports stadium funding bonds [“Innovative arena financing protects public’s interests,” Opinion, June 19].
King County money-guru Dwight Dively would know, but did not mention, what sort of people buy “Sports Stadium Bonds.” People with a lot of money? He would know if the proposed bonds offer tax-exempt earnings — the sort of benefit the very wealthy look for — but he does not mention that either.
He would know what interest rate the holders of these bonds will earn from stadium users, but he mentions nothing about that. He would know the fees to Wall Street brokers and the taxpayers portion, but does not mention that. He also failed to mention who would be on the hook for payments to the bondholders if nobody goes to the games. He did not mention that if the good deal gives the city or the county any share of television-advertising revenue.
I read the whole thing and came away with no meaningful information, but it sounded good.
It’s a good deal for the investors to have taxpayers issue bonds to borrow money from the super rich to build a stadium for the super rich to make more money, and for the taxpayers to pay principal and interest to the super rich to pay off the bonds.
This is like me borrowing money from you to build you a house that you live in, and I pay the interest to you for living there.
— Joe Wall, Seattle
What about KeyArena?
This whole new stadium thing strikes me as putting Seattle taxpayers under more financial duress — very misguided. I mean, why doesn’t KeyArena get rehabbed so it could be attractive enough for a pro-basketball and pro-hockey team?
Wouldn’t that be cheaper?
Seemingly, if Seattle voters are asked to pay more in taxes, how about fixing all the potholes in, for example, Rainier Valley and Rainier Beach — something like that??
Just what are our priorities? Building a new stadium or restoring basic services to be provided by our municipal government?
— Marvin E Barrett Jr., Seattle
This region and its silent majority need to stand up and tell our politicians that we want this new NBA/NHL arena in Sodo.
As for the concerns of the Port of Seattle, I think this would help to add traffic at the airport and cruise-ship terminals, which is good for the port.
I seriously doubt evening games would hinder port traffic, and if it did, why are they not up in arms about the 80 M’s games at night with more fans?
Here is a question for Seattle: Could the Space Needle be built today without public votes, lawsuits and some ex-city councilman whining? If the answer is no, then this region has bigger problems.
Here’s to a quick “Yes” vote!
— Brad Thayer, Lake Stevens