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King County Throws $1.9B Convention Center Project $100M Lifeline
King County Executive Dow Constantine revealed a financing package of $100 million for the Washington State Convention Center, which faces a $300 million financing-crunch that threatens to mothball the project. The Washington State Convention Center is in the middle of a $1.9-billion expansion project that is one of the region’s largest construction projects. The loan would be paid back from future lodging tax revenues.
The Center needs a final installment of about $300 million to complete construction, but with coronavirus restrictions limiting travel and tourism, investor interest in lodging tax-backed securities has disappeared. The Convention Center is expected to be completed in 2022.
Constantine says, “I have always advocated for sustainable economic development and family-wage jobs. That’s why this has been a priority project for me over the course of a decade. Particularly at this moment – with so many people struggling – this is good and compelling public policy. We have an obligation to help our region compete for convention and visitor dollars.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development
