Hold off on KeyBank lease
Published 4:59 pm Friday, May 29, 2009
The debate over whether Everett should upgrade and lease the city-owned KeyBank building to a nonprofit theater group has been in an extended intermission, but the next act is about to begin. The City Council is expected to take public testimony, and could make a decision, at its June 10 meeting.
While the proposed 10-year agreement offers some benefits to the city, we think the stronger argument is for holding off. This piece of downtown property, at the corner of Wetmore and California avenues next to the Everett Performing Arts Center, has enough potential to warrant waiting to see what opportunities a recovering economy might bring.
Downtown Everett is growing, even in this recession. Once a recovery begins, the vision laid out in the city’s downtown plan should start taking root. That means more high-rise residential development (something that’s already happening), and a greater need for downtown open space and gathering places.
Securing open space was the main reason the city bought the property when it became available a few years ago; a citizen group had earlier identified it as a prime spot for a downtown park. A public plaza was also envisioned in the original design of the Performing Arts Center, which opened in 1993 but still has just a driveway and parking lot outside its main entrance.
The proposed lease with Village Theatre, which currently manages the city-owned Performing Arts Center, would have the city pay about $1.5 million for code upgrades to the 46-year-old bank building, plus $2.5 million to construct a plaza. Village Theatre would pay the costs of turning the building into a theater with classrooms to expand its popular Kidstage program. The state has agreed to put $500,000 toward Village Theatre’s part of that cost.
Brenda Stonecipher, an Everett City Council member and former Village Theatre board member who supports the deal, figures that the city would break even on its investment in seven years.
Mayor Ray Stephanson opposes moving ahead now. Stephanson argues for waiting to see if a public-private partnership of some kind might yield a better deal for the city once the economy recovers, perhaps providing private money to build the plaza. That would free city capital-budget dollars for other uses that could serve more citizens, he says. Besides, he notes, other sites exist in the city that could allow Kidstage to expand.
Downtown needs park space — a place for all those new residents to play, relax, walk their dogs. But land for it is scarce, and this parcel could be the best available.
Whether the KeyBank building should stay or be razed is a question that would be premature to answer right now. Better to wait until there are more possibilities to consider.
