For information contact: Larry Phillips 206 296-1004 or Jane Hague 206 296-1011

The Metropolitan King County Council has given authority to King County’s finance director to refinance up to $240 million in baseball stadium construction bonds. The refinancing, if exercised for the entire $240 million and meeting at least a five percent savings threshold, would save taxpayers at least $11 million.

“Refinancing the stadium bonds will save taxpayers money,” said Budget Committee Chair Larry Phillips. “By lowering interest payments, the County is free to retire construction debt much sooner. Responsibly managing King County’s debt and maximizing financial opportunities saves tens of millions of taxpayer funds. In these tight financial times, that is especially critical.”

In addition to refinancing existing debt, King County has already made additional payments of $29.6 million on stadium bonds.

“By essentially making additional payments on the principal, it’s estimated that King County can pay off the bonds three years early,” said Budget Committee Vice Chair Jane Hague. “Once the bonds are fully paid off, the special baseball taxes will no longer be levied, and that will save local taxpayers an estimated $40 million annually.”

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