Numbers for the land sale
From the Puget Sound Business Journal. SMP started $100M in debt.
So far, SMP has been able to repay about $21 million in debt from cash on hand -- including $10 million initially set aside to purchase the "sinking ship" parking lot in Seattle's Pioneer Square, said Chief Operating Officer and General Counsel Jonathan Buchter. That leaves some $89 million still owing.The bids will be finalized on March 17 (St. Patrick's Day), so we'll see if they can turn a $72M investment into an $89M land sale. If not, us taxpayers are paying the difference.
A significant portion of that debt was incurred in purchasing the 34 properties condemned by SMP along its proposed 14-mile route. SMP spent a total of $62 million acquiring its property portfolio and an additional $10 million on related expenses such as the cost of relocating tenants and property owners.
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