King County offers $100M loan for Convention Center project

SEATTLE (AP) — King County Executive Dow Constantine has offered a $100 million loan to help keep a Washington State Convention Center expansion project in Seattle afloat. KING-TV reports Constantine announced the loan Thursday. An update sent late last month included a warning that if a solution to a $300 million funding gap wasn’t found by the end of 2020, the project would start shutting down and about 1,000 people could be out of work. The county’s loan won’t cover the $300 million shortfall, and will be paid back at 1% interest. But county leaders and construction managers hope the offer serves as a model for other financing opportunities. The proposal needs approval from the King County Council’s Executive Finance Committee.