City HallThursday, November 12
Franklin proposes a $73 million plan for transit funds, with $30 million for the stadium
The Daily Everett team
If you ride the bus or follow the stadium saga, here's the money. At Tuesday's council meeting, Mayor Cassie Franklin proposed a $73 million plan for one-time money from the Everett Transit and Community Transit consolidation. It's $54.5 million negotiated with Community Transit plus an estimated $18.5 million in repurposed Everett Transit funds.
The plan would spend one-time transit money on the stadium and more
- $73 million
- in one-time funding in the mayor's proposal
- $30 million
- toward the planned Outdoor Event Center
- $60 million
- in 30-year financing costs the upfront money would lower
- $18.5 million
- in estimated repurposed Everett Transit funds
Source: MyEverettNews.com
The $30 million for the stadium sits inside the $32 million economic development piece. The plan says that upfront money would cut borrowing and lower long-term financing costs by about $60 million over 30 years. The Everett Post reports a maximum price of $72,897,293 has been negotiated with the potential contractor, inside a $144.6 million financing package.
$144.6 millionfinancing package for the proposed Everett stadium
City projections the Everett Post cites: more than 400,000 visitors a year, about $85 million in yearly economic activity and 660 jobs.
Source: Everett Post
- Transportation, parks, workforce transition: nearly $37 million
- Economic development: $32 million, with $2 million for South Everett Futures Fund
- Priorities for the council to set: $4 million
- Stadium share: roughly 41% of the $73 million
A more detailed spending plan goes to the council in the coming weeks. Council will review it, give feedback and decide how the money is allocated.
Sources: MyEverettNews.com, Everett Post