Stadium Compromise Reached - $661M for Housing, Homeless Youth. Housing Increase of $165M, Stadium Reduction of $50 Million.
A compromise piece of legislation brokered by King County Councilmembers Joe McDermott and Claudia Balducci has passed out of the council’s nine member Committee of the Whole and will head to a full council meeting for approval later this month.
Passed earlier today by a 5-4 vote, the McDermott-Balducci compromise amends an existing proposal from the County Executive. The compromise secures 50-percent of projected future revenue—approximately $661 million—for investments in affordable housing and homeless youth services. This is an increase of over $165 million from the original proposal ($496 million).
It reduces funding for Safeco Field maintenance by roughly $50 million and uses those and other tourism funds to add an additional $165 million for investments in affordable housing and services for homeless youth. It also allows for an $8M tourism promotion fund. These funds will come available over the course of 23 years starting in 2021.
$100M in bonds will also be available immediately for housing projects that will help families this year.
The McDermott-Balducci compromise legislation will now head to full council for approval later this month.