The Port of Seattle, a taxpayer-subsidized authority responsible for Seattle's airport and sea port, is contemplating an unrelated venture in the hospitality industry miles away from any port:
The Port of Seattle could pay for nearly half of the proposed expansion of Bellevue's struggling convention center and still make money on the deal in the long run, according to an initial study released yesterday."make money on the deal in the long run"? Wasn't there also a study once that said that in the long run we're all dead? Nevertheless, some of the stewards of the public purse believe in miracles:But the Port, which is trying to improve its own finances, would probably lose money for at least the first 17 years before seeing any substantial return on its $25 million share, the study shows.
The financial projections do little to settle a brewing debate over whether the Port should join Bellevue in paying for Meydenbauer Center's long-anticipated $55 million expansionWhat part of "would probably lose money for at least the first 17 years" do these brewing debaters not understand? Posted by Stefan Sharkansky at July 24, 2004 10:29 PM
They must not have learned anything from the debacle that the commissioners of the Holmes Harbor Water District made of their real estate investment in Everett, way outside the District and the law to boot.
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