Tuesday, February 07, 2006

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.

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.
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.


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