Visionary Plan Serves All Of Us
In August 1889, downtown Spokane burned to the ground.
Very simply, the next two weeks are as important to the city’s core as any time since that great fire.
By the end of October, the Spokane City Council either will vote to become a partner in a redevelopment that will save downtown, or will vote to reduce the core to rubble once again.
Much posturing, arguing and debate will be heard tonight as the City Council holds a public hearing about the city’s proposed purchase of a parking garage to support the downtown redevelopment of River Park Square.
When the smoke clears, remember this: A yes vote by the City Council lights a candle that allows downtown Spokane to move ahead. A no vote strikes a match that will burn downtown as badly as the fire of 1889.
Of course, the City Council ought to check the numbers and ask the tough questions that need to go with the issuing of $30 million in revenue bonds to purchase a parking garage next to the proposed development.
To its credit, the city’s staff already has grappled with the tough questions.
Will this project raise anybody’s taxes?
No. The use of revenue bonds means costs for the garage will be repaid from the garage’s revenues. Shoppers will use validated parking, funded by the stores. Others will pay to park in the garage. This arrangement is common in cities all over the country.
Is $30 million too much?
No. The key issue isn’t just the cost of building a parking garage. The key issue is determining a fair market value for a successful business that generates revenue to pay for itself and is, in addition, an integral piece of the downtown economy, producing tax dollars for the city. Independent consultants estimate the overall project conservatively will generate at least $2.5 million in new tax revenues each year for the city and result in 2,800 jobs.
Is this a project for special interests?
Hardly. This is a project for the people who live here.
Spokane area residents are the ones who benefit if Nordstrom stays in the city, assuring other major retailers will stay, too. And, it’s Spokane area moviegoers who get 24 new theater screens with show times guaranteed to be more viewer friendly.
It is our region’s urban center that will be a fun place for people to visit and shop. It’s our central city neighborhoods that won’t decay nearly as fast. It’s our residential property taxes that will get some relief, if commercial property grows in value and pays more taxes rather than slipping into decay.
So which will it be, Spokane? A candle for the future, or a match that torches downtown?
, DataTimes The following fields overflowed: CREDIT = Chris Peck/For the editorial board