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Friday, July 7, 2006
Foes of tax spending on KeyArena submit initiative signatures
Proposal would be setback for Sonics
Backers of a measure that aims to block taxpayer spending for KeyArena renovations submitted more than 20,000 petition signatures to the Seattle City Clerk's Office Thursday.
Initiative 91 would prohibit public subsidies of sports arenas such as the $220 million Key Arena overhaul being demanded by the owners of the NBA Sonics and WNBA Storm. The Sonics say they'll leave Seattle unless they get the renovation and a more lucrative lease.
I-91 is sponsored by the loose-knit Citizens for More Important Things, but is bankrolled by a politically active home care workers union.
I-91 needs slightly fewer than 18,000 valid city signatures to qualify for the ballot. If King County election officials certify it has enough signatures, it likely will go on the November city ballot. Mayor Greg Nickels' office criticized the proposal in a prepared statement Thursday afternoon.
"This measure is a gimmick, and it is no way to manage a valuable public asset," the statement read.
I-91 would require that publicly financed sports venues must turn a city profit on par with 30-year Treasury bonds, or about 5 percent a year.
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