How should the City spend $185 million?  Karen Gielen makes the case for fiscal responsibility in tough times.  Following is a version of letter she sent to the Mayor and City Council.

At this time last year, Seattle’s economy was booming amid unprecedented growth with B&O and sales tax revenues flowing into City coffers.

Under these optimal conditions, the City Council approved the Waterfront Local Improvement District (LID), assessing $176 million on nearby residential and business property owners and committing an additional $185 million of Seattle tax dollars, to create the “Waterfront for All.” This ambitious project centers on a massive structure connecting the Pike Place Market with the waterfront to enable easy movement for visitors between the Waterfront and the retail core.

A lot can change in a year!  Our City now faces a huge economic reversal with a $300 million budget shortfall for 2020 and $200 million estimated shortfall in 2021.  Essential needs of the City’s homeless population are not being met, our bridges are crumbling, and we must fund initiatives to overcome our society’s systemic racism.  The cost of doing business downtown is causing stores to close at an alarming rate. It is unclear when tourism will recover, and cruise ships will return to the waterfront.

It’s time to rethink the plan. The Council cannot justify commencing this costly “remodeling” project when tax revenues are dwindling, businesses are suffering and many of our citizens are in dire need of help. By dissolving the LID, the Council can legally reallocate $185 million of tax dollars to more pressing needs and enable downtown residents, donors, and businesses to recover financially.  Lives, livelihoods, and the viability of our City are at stake.

But the window to reallocate these funds is closing. In addition to the $185 million of City tax money and $176 million from nearby property owners, there is a $100 million philanthropic component.

Once the City begins collecting taxpayer assessments, it is legally obligated to fund the entire project, including any cost overruns and shortfall from the philanthropy contribution.

The viaduct is gone, and restoration of Alaskan Way is underway. To be clear, the restoration of Alaskan Way is not part of the “Waterfront for All” project and has separate funding sources not contingent upon the LID.

When Alaskan Way is completed, the people of Seattle will be able to enjoy the water and mountain views and use the broad expanse of open space where the viaduct once stood.

Now is not the time to embellish an already beautiful City amenity. The Council should reprioritize the minimum $185 million of taxpayer money to help our City regain its health and prosperity.