If "Finance It All Privately" Had Been the Standard, Seattle Wouldn't Have Any Professional Sports Teams

I'm trying hard to resist the urge to support the proposed Sodo arena based solely on the Seattle Times editorial board's opposition to it, but I'd just like to point out that should we choose to stick to the principles enunciated in their latest editorial, Seattle will never be home to an NBA or NHL franchise, and would ultimately lose both the Seahawks and the Mariners once their stadia become obsolete decades hence:

If the emotionally appealing plan to return professional basketball to Seattle, and maybe lure a National Hockey League team, is such a sure thing, then finance it all privately. Take any public money, credit or risk out of the investment equation.

I don't disagree with the sentiment per se, though I do have trouble taking the Seattle Times' argument at face value given its editors' unrelenting support for every previous publicly financed stadium and arena proposal to come our way. Every. Single. One. Even a Sonics arena planned for Sodo way back in 1991:

THE deal finally struck between Seattle city officials and Barry Ackerley is a good one.

While close-to-home critics may carry their fight to the courts, far-away observers are likely to look with envy on a deal with public costs well below what many other cities are willing to pay.

Seattle has agreed to forgive $31 million in admission taxes over the next 30 years, make $2 million worth of traffic and pedestrian improvements and contribute $150,000 a year for traffic control.

In return Ackerley will build a $100 million sports and entertainment arena south of the Kingdome, construct a 1,800-car garage, keep the Sonics in town for 30 years and attempt to bring a National Hockey League franchise to Seattle.

Ackerley eventually canceled council-approved plans to build a Sodo arena after he failed to secure private financing.

So yeah, I agree, in the best of all possible worlds billionaire sports franchise owners should pay for their own damn arenas. But this ain't the best of all possible worlds. The 2012 Seattle Times is right that "hedge-fund manager Chris Hansen represents himself and private investors, not the city or its taxpayers." But they were also right back in 1997, when in urging a yes vote on CenturyLink Field they accepted the reality that "the economics of major-league sport insist that a modern venue is part of the enticement for ownership."

That's a reality we may not like, but it is reality nonetheless. So if "finance it all privately" is to be our new standard for arena and stadium construction, then we need to come to terms with the fact that Seattle will never be home to another a major league sports franchise.

If we're okay with that, fine. We don't need the NBA or the NHL. But considering taxpayers picked up the lion's share of the cost of building CenturyLink Field, Safeco Field, the Kingdome, and KeyArena's 1995 renovation, let's not abuse Hansen for offering Seattle the best stadium/arena financing deal the city has ever seen.

Source: http://slog.thestranger.com/slog/archives/2012/07/09/if-finance-it-all-privately-had-been-the-standard-seattle-wouldnt-have-any-professional-sports-teams

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