The King County Council is expected to vote on an ordinance next Monday that would provide a $2 million 4Culture grant to Federal Way’s Performing Arts and Events Center.
The council budget committee unanimously recommended Ordinance 2015-0471 to the council on Nov. 12. The council took public testimony on the legislation on Monday and plans to take action Nov. 23.
Mayor Jim Ferrell said the city has been hoping and planning for the grant, which has been outlined as pending funds in the Performing Arts and Events Center budget for some time.
“What’s really exciting about this is the total money we can count on now is $18.5 million,” Ferrell said, noting the city had previously secured $16.5 million with $4 million of that coming from the Legislature when the project is expensed.
The city is still looking for funds to close the multi-million dollar gap of the $32.75 million events center, which will be covered by an inter-fund loan if the city cannot sell the naming rights to the project, obtain New Market Tax Credits or other fundraising efforts.
Ferrell said the city will likely know at the end of the year how much Community Development Block Grant money they’ll acquire (the hope is for $3 million), and whether or not New Markets Tax Credits are available or not.
“We’re ready to go and we’re ready to jump in if funding becomes available,” Ferrell said, adding the city does plan to apply for the tax credits next year if they don’t get the funds they need by the end of this year. “I think we’re in really good shape down the road for these [community development entities], even if it doesn’t come in this year.”
The 4Culture grant the city expects to receive comes from a partnership between King County and 4Culture for the implementation of the “Building For Culture Program.”
The program will use bonds backed by the hotel-motel tax to build, maintain, expand and preserve new and future cultural facilities.
According to county documents, the program was proposed by King County Executive Dow Constantine after the county was able to pay off Kingdome bonds early this March. The program would be funded through the $20 million bonds (with the final amount to be determined based on updated revenue forecasts).
Several other cities and organizations around the county are slated to receive funds from the program. These include $1 million to the Highline Historical Society, $200,000 to the city of Auburn and $33,000 to the city of Des Moines Parks and Recreation Department, among 130 others.
