Railroad Station Properties, a local non-profit, will own the station during renovation and until bonds are repaid, likely 30 years. When the 30-year bonds are repaid, the state has the option of taking ownership of the building. If the state does not wish to take ownership of the building, they could give it to another qualifying organization, like the Port of Seattle, Railroad Station Properties, King County Metro, or the City of Seattle. In thirty years the state will get a greatly improved transportation hub and will also own an income-producing asset of significant value. These calculations are based upon conservative financial assumptions.
Time is of the essence.
An emergency clause is required in the legislation to prevent the loss of already appropriated federal funds. If legislative authorization is not acquired in time, federal funds will be reprogrammed and financing for King Street Station redevelopment would likely collapse.