(The Center Square – Seattle property owners won’t be the only ones funding a renovation plan for the Seattle Center.
Private dollars will also be sought out to match or exceed any public contribution to the aging campus, said the city councilman sponsoring the renovation plan.
Ron Saka, chairman of the City Council Transportation, Waterfront & Seattle Center Committee, made the statements on Thursday during the first discussion of renovations of the 74-acre campus, which housed The World’s Fair in 1962.
Saka said he would like private dollars to match public dollars on a 1-1 basis, or up to 3-1.
But it’s unclear if the money could ever be raised in the philanthropic world. It is also just another unknown related to the project.
The legislation for the renovations is sponsored by Saka and Seattle Mayor Katie Wilson.
Saka and Wilson want to float a bond issue to pay for the project. Last year, during discussions about the project, a $1.5 billion figure was discussed.
With interests and fees, property owners could end up paying $2.5 billion to repay the cost of the bonds.
If ultimately passed by the full City Council, the renovation would be placed on the ballot and would need a 60% voter approval.
While Seattle property owners would pay for the bond issue through higher taxes, the extent of a tax increase is unknown.
Seattle Center is home to the privately owned Space Needle, the Seattle skyline’s most iconic symbol, which saw a $100 million renovation in 2018.
But other buildings on the city-owned campus, such as the large armory building, where special events are often held, are aging and were last updated in 1991.
“Core systems across the campus have experienced decades-long deferred maintenance challenges and are operating far beyond their intended life cycle, increasing the risk of disruption to one of the city’s most iconic assets,” Saka told the committee.
“It’s very clear we can no longer take a pass-the-buck approach.”
Saka also used the first discussion about Seattle Center renovations to pitch the idea that it will help bring an NBA team back to Seattle.
An expansion team, the Seattle SuperSonics, could play in the Climate Pledge Arena on the Seattle Center campus by 2027.
The arena was built in 2021 at a cost of $1.15 billion by the private group that owns the arena. The facility houses the Seattle Kraken NHL hockey team.
The majority owners of the arena and the hockey team are behind the possible ownership group for a new basketball team, and they are not asking for public money.
But Saka said a renovated Seattle Center will help cement the deal for The SuperSonics because fans will be able to explore the Seattle Center and the various park and entertainment options before and after games.
Saka called the renovation of the Seattle Center “another critical step towards bringing back our Sonics.”
Thursday’s first public discussion on the Seattle Center renovation did not see any members of the public speaking in opposition to the plan.
Union leaders spoke in favor, saying it could help renovate the construction industry in Seattle, with thousands of union workers currently on furlough.
It’s unclear how soon the full City Council could consider voting on the renovation plan and whether the referendum could be on the ballot in 2026 or 2027.
