NEW KINGDOME PLAN UNVEILED -- FINANCING UNCLEAR
The Seahawks announced a "grand plan" for renovating the
Kingdome, but team President David Behring said they do not yet
have a "clear-cut, concise" plan for financing the $120M, four-
phase project. King County officials "cautioned" that the
proposal would be weighed against efforts to build a new ballpark
for the Mariners and "rising" repair costs at the Kingdome.
Behring noted there is a "strong possibility" that the financing
would be "some form of a public/private partnership." King
County Executive Gary Locke agreed to that, but that any
financing scheme will be measured against "competing needs" such
as human services. County Council member Pete von Reichbauer
said the "emphasis" would have to be on private financing and
include a new long-term lease with the Seahawks. Behring and
Seahawks Exec VP Mickey Loomis will attend a stadium seminar in
Milwaukee this week to discuss a "whole myriad of different
financing mechanisms." The Seahawks are willing to use profits
from 1,100 additional club seats "to defer the debt" but Behring
"said the team does not intend to supply any other money."
Instead, the team suggests selling naming rights to the dome and
exploring ways to allocate state funds from the WA lottery for
the project (Clare Farnsworth, SEATTLE POST INTELLIGENCER,
THE PHASES: HOK sports facilities group devised the plan,
which could be completed by May '98 if begun in the next year.
The project includes a park and party pavilions serving as a
"gateway" to the dome and generates immediate rental revenue.
The plan also increases football seating from 66,122 to 67,817
and adds a 90,000 square foot exhibition hall and glass facade to
the stadium (Clare Farnsworth, SEATTLE POST INTELLIGENCER,