King County Approves Ballpark Measures Council Members Hope Votes Complete Their Part Of Project

Financing for a new ballpark for the Seattle Mariners was approved Wednesday by the King County Council, and members said they hoped it would be their final vote on the project.

The tally was 8 to 5 on four stadium measures, including terms of the $336 million bond sale, appropriation of the bond proceeds and land transfers, following little debate.

“There have been many moments of high drama in this chamber and upstairs (in council offices) on this issue, and this is not one of them,” said Christopher Vance, prime sponsor of the stadium package.

“It’s always difficult in our business when you have shed a lot of blood, sweat and tears on an issue to let go,” council member Greg Nickels said. “We’re letting go today.”

“They’ve completed their end of the project,” said Ken Johnsen, executive director of the Public Facilities District, which was established to manage the project. “Now it’s up to us to build the stadium.”

The leading council opponent, Maggie Fimia, said the Mariners should not have been granted more favorable lease terms on maintenance, rent, cleanup and police costs and other issues in December.

She also noted that the owners would not be required to offer the American League franchise to a local buyer before selling the club, a provision of the Mariners’ existing lease at the Kingdome that proved critical in preventing a move earlier.

“It’s not over,” she said. “We’ve seen over the past 20 years that it’s never over when the relationship is so disproportionate… “

Proceeds from the bond sale won’t be available immediately. The money is being placed in escrow pending a state Supreme Court ruling on an appeal by opponents of the $414 million project. Arguments are set for May 13.

If the high court upholds a King County Superior Court ruling that the bond sale is legal, the funds will be released. If opponents win their case, the money will be returned to the bond buyers.

With a favorable ruling by the end of May, the 45,000-seat ballpark with a retractable roof could be ready to open at the All-Star break in 1999, Johnson has said.

James Hattori, the county’s financial adviser, said the bonds were sold Tuesday at an average interest rate of 5.97 percent, the maximum allowed under council-approved standards to avoid any drain on county services.

The bond sale was delayed a week because of fluctuating interest rates in the days before a Federal Reserve meeting at which the federal funds rate - the interest that banks charge each other - was raised a quarter of a point to 5.25 percent on March 25.

“We got a good deal on those bonds,” council member Rob McKenna said.

Backers of the project also were heartened by the start of demolition at the site Tuesday and the Mariners’ opening night 4-2 victory over the New York Yankees.

Special taxes are being collected on restaurants, bars and rental cars in the county, special license plates and lottery scratch tickets are being sold, and some of the state sales tax revenue from the county is earmarked to retire the bonds.