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Overview Design Team Construction Team Timeline Awards Financing Construction Photos Diversity Contact Us Site Map Links |
Financing 
  combination of public and
private dollars provided the funding for the new ballpark. The
financing package put together for this project included an up-front
contribution from the Seattle Mariners toward the overall design and
construction costs, as well as contributions from King County and
from Washington state. King County's share includes a tax on cars
rented in King County, food and beverages sold in King County
restaurants, and tickets sold at the new ballpark. Washington
state's share includes a credit on sales tax collected in King
County, lottery tickets and the sale of special ballpark
commemorative license plates. The final budget for the ballpark was
$517 million.
Washington State
King County
A financing plan was developed which projected how much revenue the funding sources would generate over the 20-year period that the taxes will be collected and then estimated how much could be borrowed against that revenue stream. Because the funds would be needed immediately to pay for the pre-construction activities, the ballpark financing plan included using the first year revenues on a cash basis. On April 2, 1997, the King County Council voted to sell Limited Tax General Obligation bonds which are to be paid back as the taxes are collected. For the ballpark, tax-exempt LTGO bonds with a 5.85% interest rate were sold. For the adjacent parking garage, taxable LTGO bonds were sold. Because King County is backing the bonds with its full faith and credit, the bonds received an Aa1 rating. The ballpark bonds are projected to run until March 2016. If revenues continue to outpace projections, the bond could be retired sooner. The parking bonds will run until 2017. |
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