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Seattle just paid off its Kingdome debt 15 years after destroying the stadium

By
Benjamin Snyder
Benjamin Snyder
Managing Editor
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By
Benjamin Snyder
Benjamin Snyder
Managing Editor
Down Arrow Button Icon
March 27, 2015, 12:46 PM ET
Photograph by Dan Levine — AFP/Getty Images

The city of Seattle has finally collected enough money in taxes to pay off debts for a stadium destroyed 15 years ago. But while it took over a decade to cobble together enough funds to finance the city’s Kingdome, USA Today reports the payment was actually made nine months early.

The famed Kingdome’s roof first started falling apart in 1994. It was was ordered to be shuttered immediately, while officials said it would cost millions of dollars in repair work. But in 2000, the city instead decided to implode the building, a feat broadcast on television.

Dwight Dively, the King County budget director, confirmed on Wednesday that Seattle collected enough in hotel and motel taxes to pay off the debt from the stadium’s initial construction. The Kingdome was the home of the Seattle Seahawks and the Seattle Mariners.

But USA Today notes that the deal isn’t finished quite yet. Instead, the money is being held in escrow until the end of the year. Any excess funds collected will be given to charity to boost arts and cultural programs in the city.

About the Author
By Benjamin SnyderManaging Editor
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Benjamin Snyder is Fortune's managing editor, leading operations for the newsroom.

Prior to rejoining Fortune, he was a managing editor at Business Insider and has worked as an editor for Bloomberg, LinkedIn and CNBC, covering leadership stories, sports business, careers and business news. He started his career as a breaking news reporter at Fortune in 2014.

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