Afternoon Jolt: Research and Development

By Afternoon Jolt August 19, 2011

Today's loser: Developer Kevin Daniels.

The Public Stadium Authority, which oversees Qwest Field (now CenturyLink Field), is playing rough with developer Kevin Daniels. Daniels is currently trying to finalize an agreement to develop the North Lot by the stadium. The PSA said---in a resolution adopted August 11--- that Daniels has not "adhere[d] to the conditions" of his agreement to provide replacement parking immediately (for stadium visitors) on the North Lot, and is saying that it will not go forward with the agreement until the developer agrees to either replace the lost parking or pay the stadium authority to build the parking itself.

The story behind Daniels' efforts to develop the North Lot of the former Kingdome site is a bit complicated, so we'll boil it down to this: Daniels, a private developer who wants to build condos on the currently vacant North Lot, sought a number of concessions from King County, which owns the property, and from the PSA, which has the right to use some of the property for the stadium parking garage.

(All the parking proceeds from the parking garage, except for taxes, go to Paul Allen and his First and Goal Inc., which built the stadium and operates the garage.)

As part of the deal to develop the North Lot, Daniels agreed to develop parking on there, but stipulated that that parking would be on the eastern half of the lot.

In theory, the disagreement could scuttle the deal to develop the lot, which was supposed to wrap up in the next few months. In reality, it will probably mean a more drawn-out development process---and better terms for the stadium authority, which effectively has veto power over Daniels' proposal.

Today's winner : "Curiosity-driven research," including research into space exploration, in which the Seattle-based Simonyi Fund (executive director: Former Republican King County Executive candidate Susan Hutchison) just invested $100 million.

Specifically, the fund gave the money to The Institute for Advanced Study, a New Jersey-based organization that says its is “fostering fundamental research that advances our understanding of the world.”
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