Plans to pay off PAEC need explanation

I have a question regarding the article “New Markets Tax Credits come up short for Federal Way’s performing arts center.”

The city can use the proceeds from the sale of the hotel property near the site? From all accounts, the city overpaid for that property. It would seem unlikely that there is a profit to be made from a sale. So, how exactly would the sale of the property fund the PAEC? Is this a ruse to divert the funds from the original purchase of the property to the PAEC so as to appear that the funds didn’t come from the general fund? City staff explain please.

Richard Wetjen, Federal Way

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