$43.5 million left to pay for imploded Kingdome

March 26, 2014

14 years ago today this was the scene in downtown Seattle as the Kingdome was brought to its knees:

Since then the Seahawks have made 2 Super Bowl appearances, winning one, and taxpayers have paid nearly $135 million to retire debt on the imploded Kingdome ($25.8 million for original construction and $109 million for repairs has been paid for debt service since 2001 to date).

For those still nostalgic for the Kingdome, rest easy. You'll have the privilege of paying an additional $43.5 million to finally retire the outstanding debt service on January 1, 2016.

Taking on debt is a lot like trying to tackle Marshawn Lynch - it sounds easy right up to the point you are left behind as he runs over you. That's not to say you shouldn't make certain investments, but just be aware the pain may linger long after the shower of skittles ends.

Comments

Kingdome payoff

Government insanity!
The "professional" athletic teams should pay for their own facilities, and stop sucking off the taxpayer's teat. I am sick of this nonsense and exorbitant property taxes which are levied to support this crap.
My property taxes are now 4x what my original payment when I built, which included property taxes.

Feeling adventuresome, Jason?

Feeling adventuresome, Jason? Contact Sound Transit and ask it what the cost to the public will be in terms of how much tax that municipality will need to confiscate to satisfy the security pledges in the bond sale contracts. About $9 billion in long-term bonds will be issued, and the security pledges will require that municipality to confiscate sales taxes at or near the .9% rate while any of the bonds are outstanding (e.g., through 2054 or so). Seriously -- report on those tax costs.