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PACC analysis: Real support is a financial commitment | Letters
I support Jeff Stock's recent comments in The Mirror ("Businessman raises red flags over PACC's financial analysis") and add the following comments.
I have been in banking and managing investments for more than 50 years. This has also involved heading committees organized to design, raise capital and build multimillion-dollar projects for non-profit entities.
This weekend, I went online to the City of Federal Way's website and reviewed the Performing Arts and Conference Center (PACC) information. Having been involved on the lending side of loan requests over many years, I feel the information presented at this time does not support the development of this project.
There needs to be information that indicates the types of entertainment that will be available, including ticket prices for attendees. What will rental rates be for using the facilities?
It needs to be made clear that this facility will be subsidized by Federal Way taxpayers. I agree with Stock's comments that operating expenses will be much greater than what is indicated in the pro forma.
The council seems to be intent on going ahead on this project without really knowing if it has enough community (Federal Way and environs) support to make the project a success.
Right now, we have verbal support from optimists, questionable support from realists, and those who will not support the project no matter what.
I would encourage the optimists to form a support group to raise funds from businesses and individuals to support development of the project, or for pre-payment of future attendance or use of the PACC. Real support is a financial commitment.
This project, if not successful, could weigh heavily on taxpayers in the future. Having been in the financial business for many years, I know it takes more than optimism, which is only part of success in any venture.
Don Vandenheuvel, Federal Way