What to do with the (never again to be called Mellon) Civic Arena? A big question. Don't ask me, I've already thrown my 2 cents out there. I'm more interested in the money.
(an aside, but speaking of the Civic Arena, it is an anniversary of sorts of the greatest euphemism of all time and the start of what was described as the "face-lifting" of the Lower Hill District
, 55 years ago this week. Doesn't the face need to still be there after a 'face-lift'? )
Those numbers in themselves are not that interesting nor suprising; costs a lot to finance an arena that cost ~$325 million to build.
Yet the bonds the SEA floated to pay for the arena are currenly only costing them 0.27%. Note the decimal point is in the correct spot. Anyone want to do the math there. 30 year bonds, 0.27% interest rate. Principal payment say $11mil/year, interest costs work out to ~$300K.