You appoint three of the PFD's seven board members. The PFD is in a fragile
position — reserves audited at $16.3M as of December 2024, against $69M in
annual operating losses and $90M in annual debt service. A restructuring that
sells the Arch at a fair price converts a long-term fiscal liability into a
stable structure before a hard deadline arrives. The alternative is inheriting
a crisis at a worse moment, with fewer options.
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I want to analyze this proposal from the perspective of Governor of Washington.
There's a civic proposal to convert the WSCC Arch building at 7th & Pike into a year-round public commons operated by Seattle Center.
The case being made to Governor of Washington: You appoint three of the PFD's seven board members. The PFD is in a fragile
position — reserves audited at $16.3M as of December 2024, against $69M in
annual operating losses and $90M in annual debt service. A restructuring that
sells the Arch at a fair price converts a long-term fiscal liability into a
stable structure before a hard deadline arrives. The alternative is inheriting
a crisis at a worse moment, with fewer options.
The full proposal: https://commons.conventioncityseattle.com
What are the strongest arguments for and against, from Governor of Washington's perspective?