Bellevue is making a $60 million splash. If the city council approves that bond Tuesday, three hotels and a 100 thousand square foot water park will be built northwest of the Highway 34 and Highway 75 interchange.Mayor Rusty Hike says it’ll be modeled after a Dallas, Texas park: the fourth largest indoor park in the nation.”We’re really expecting this to be a top 10 water park in the country,” Hike said.At Tuesday’s council meeting, three rounds of readings are being waived to jump into a public hearing and vote. Hike says that’s been Bellevue’s standard practice for bond projects.”Cause we know what the rates are going to be today, but we don’t know what they’re going to be tomorrow, so we want the ability to lock those bonds in when we think it’s the best time,” he said.That bond rate will be between four and five percent.The bond will pay for the waterpark. Hike says the the Good Life Transformational Act will divert taxes that would normally go to the state instead of to the city: a net zero change.”We’re very comfortable; we’re not counting on any outside facilities to fund this. This is totally going to fund itself,” he said.Paying the bond will take 15-20 years.Hike’s response to critics of the spending? He says the waterpark will be a revenue generator and grow the tax base.”We’re building a whole new economic engine for the city of Bellevue, and really changing just changing the way how we’re going to take the city into the future,” he said.The indoor-heated park will be open year round, with more than 2,000 people expected to go daily.Plus, Bellevue residents will be able to go at a discounted rate.”Numbers look great, everything looks great, future looks great, so I really expect we’ll get it through tonight,” he said.Click here for the latest headlines from KETV NewsWatch 7
Bellevue is making a $60 million splash.
If the city council approves that bond Tuesday, three hotels and a 100 thousand square foot water park will be built northwest of the Highway 34 and Highway 75 interchange.
Mayor Rusty Hike says it’ll be modeled after a Dallas, Texas park: the fourth largest indoor park in the nation.
“We’re really expecting this to be a top 10 water park in the country,” Hike said.
At Tuesday’s council meeting, three rounds of readings are being waived to jump into a public hearing and vote.
Hike says that’s been Bellevue’s standard practice for bond projects.
“Cause we know what the rates are going to be today, but we don’t know what they’re going to be tomorrow, so we want the ability to lock those bonds in when we think it’s the best time,” he said.
That bond rate will be between four and five percent.
The bond will pay for the waterpark. Hike says the the Good Life Transformational Act will divert taxes that would normally go to the state instead of to the city: a net zero change.
“We’re very comfortable; we’re not counting on any outside facilities to fund this. This is totally going to fund itself,” he said.
Paying the bond will take 15-20 years.
Hike’s response to critics of the spending? He says the waterpark will be a revenue generator and grow the tax base.
“We’re building a whole new economic engine for the city of Bellevue, and really changing just changing the way how we’re going to take the city into the future,” he said.
The indoor-heated park will be open year round, with more than 2,000 people expected to go daily.
Plus, Bellevue residents will be able to go at a discounted rate.
“Numbers look great, everything looks great, future looks great, so I really expect we’ll get it through tonight,” he said.
Click here for the latest headlines from KETV NewsWatch 7
