Unlike five years ago, the current economic climate favors the buyer. As seen in Federal Way’s new schools, construction companies outbid one another with bargain prices, all to the benefit of taxpayers. As seen in the “triangle project,” construction bids came in lower than expected for improvements to the Interstate 5/Highway 18/Highway 161 interchange — with few complaints about the price tag exceeding $112 million.
That brings us to the proposed performing arts and civic center, an idea that goes back several years in Federal Way. This month, the idea took its biggest leap toward becoming a reality. With a state grant, the city will buy a 3.95-acre parcel at 31510 20th Ave. S. for $5.375 million. As a condition, the city must build the civic center by the end of 2020, or pay back the grant plus interest.
Like it or not, the wheels are in motion for Federal Way to make this investment. Public opinion is divided over whether the city can afford to spend at least $20 million (according to a Jan. 2010 estimate) to build a civic center.
Compared to schools and transportation, the project is not an immediate public necessity, at least on the surface. One argument suggests that if a civic center was meant to be, the private sector would have already built it.
The problem rests not with the actual civic center, but how or if Federal Way leaders can make the civic center a financial success. Serving as a haven for local amateur performers is not enough; the civic center must compete aggressively on the regional stage by courting business events, conferences and professional entertainment. Such a project, whether public or private, depends on a consistent focus from local leaders.
Average taxpayers cannot grasp the idea of having a million bucks in their own bank accounts, let alone investing millions of dollars on a public project.
However, the average taxpayer understands an investment like buying a car or home. Any homeowner would agree that the best time to sell was in 2005, and the best time to buy is now. Regardless of the real estate market’s status, homeownership is a risk. Only those willing to take a leap of faith have any chance of coming out ahead.
Investments involve spending money with the hope of profit, which means the city can take one of three routes with the civic center: invest to win, invest not to lose, or not invest at all. Like any investment, the civic center is a risk. Will a civic center bring money and visitors to the city? Will it sit empty and bleed Federal Way dry? If one key to a winning investment is “buying low,” and if the civic center is inevitable, then at least the city is starting on the right foot.
