|
 |
|
Public-Private Partnership
The PSA and FGI are working together under an innovative model for public-private cooperation. The vision for the partnership was outlined by the Washington State Legislature in 1997 as a creative plan for financing the construction of a new stadium and exhibition center. The partnership, which has attracted attention around the nation, was structured to:
- Maintain and enhance the viability of professional football in the Pacific Northwest;
- Ensure the public's contribution was capped at $300 million and that the financial risks assumed by the PSA and public were minimized;
- Facilitate the PSA's close oversight of the project; and
- Produce a facility of the highest quality.
Under the terms of this agreement, First & Goal provided $130 million of the $430-million project budget, and assumed any project cost overruns. First & Goal pays an annual lease fee of $850,000 per year (adjusted annually) to the PSA. FGI also serves as the operator of Qwest Field & Event Center, managing all aspects of facility operations from event booking to ticketing to parking to concessions. You can learn more about First & Goal by visiting their website at www.qwestfield.com.
|
|
