Parking is pricey.
The Spokane Public Facilities District got a $5.25-million loan to buy property that will help offset parking losses caused by construction of the new downtown stadium.
The Spokane County commissioners on Tuesday agreed to loan the district the money, which will be used to buy the Value Village thrift shop on Boone Avenue, near the future stadium. The loan comes with a 4% annual interest rate and is exclusively for the acquisition of Value Village.
Spokane Public Schools and the Public Facilities District decided last year to build a $31 million stadium downtown. It was a controversial move, with many residents arguing the Joe Albi Stadium site in northwest Spokane would be a better location. Spokane Public Schools will own the 5,000-seat venue and the Public Facilities District will operate it.
When it’s finished, the stadium will host high school sports, professional soccer and concerts. It’ll also become part of a trio of sports venues in the area alongside the Spokane Veterans Memorial Arena and The Podium, a $53-million track and field facility that opened this winter.
The new stadium is being built atop an existing parking lot northeast of the Arena. Buying Value Village will allow the Public Facilities District to replace that lost parking. According to the Spokane County map server, the Value Village property has an assessed value of $3.3 million.
The Public Facilities District is a joint effort between Spokane and Spokane County funded by lodging and sales taxes. It was created by state law in 1989 for the specific purpose of building and operating the Arena.
Since then, the Public Facilities District has become the owner and operator of several other prominent facilities, including The Podium, the First Interstate Center for the Arts and the Spokane Convention Center.