Slog - Comments on Sims Should've Known

Comment by J Lee

J Lee — Wed, 18 Jun 2008 15:50:55 -0800

A $68 shortfall? If you want I can take up a collection in my building.

Comment by Dominic Holden

Dominic Holden — Wed, 18 Jun 2008 16:02:45 -0800

I wish it was only 68 bucks. Multiply that by a million. Thanks, J Lee. All fixed now.

Comment by Will in Seattle

Will in Seattle — Wed, 18 Jun 2008 16:20:06 -0800

How does this compare to the hundreds of billions we lost when they let the country invest in collateral debt obligations (aka funny money in houses)?

Comment by laterite

laterite — Wed, 18 Jun 2008 16:30:46 -0800

Does this mean Yarrow Bay gets to develop the Icy Creek tract?

Comment by tomasyalba

tomasyalba — Wed, 18 Jun 2008 16:55:04 -0800

YarrowBay has always had the option of developing, which means plotting a course through the county and environmental permitting process, and finding a bank seem willing to give them favorable construction loan terms for new housing in an exurb where values are dropping faster than in the city. Perhaps if the undeveloped land drags heavily enough on the developer's balance sheet, the county or a land conservancy could get it for a song.

It's not clear yet that this is a blunder. Could wind up being okay.

Comment by Jessica

Jessica — Wed, 18 Jun 2008 17:24:51 -0800

@4: The way I understand the Icy Creek situation is this: currently, Palmer Coking Coal owns Icy Creek, and in 2004, Martin Durkan Jr (a lobbyist who's working to set this deal up who lives in MV) bought acreage in the Icy Creek area and then applied for permits to subdivide his piece into 5-acre lots to possibly build houses on. In doing this, it justified the idea that Icy Creek is under threat of development. If it's where I think it is (near Green River, between two state parks), building anything out there is iffy with gas prices-- there are a lot of service jobs in MV, but for administrative/office/Boeing/Microsoft, etc, you need to drive 45min-hour out. Add in that the area gets a fair amount of snow, and you're looking at a hard sell with gas nearing $5/gallon.

To forward this deal, once Durkan permitted his parcel, he gave it back to YarrowBay last year so they could offer it as part of the deal with King County. If the deal goes through, YarrowBay gets the Donut Hole, King County gets to buy a tract of land worth $6-8 million dollars, and Palmer Coking Coal gets cash.

On a side note, fuck PCC. I grew up in Black Diamond alongside their strip mine. When they were done digging coal out, and had ruined the adjacent lake (which was a primary water source for the people living on it, which used to include my family), they promptly claimed they couldn't afford to clean up their mess. There had been a fence along the road near the mine for years so people couldn't see what was going on. When they closed the mine the fence disappeared, and finally everyone saw what a giant scar there was. It's still there.

Comment by Jessica

Jessica — Wed, 18 Jun 2008 17:25:58 -0800

I should credit where I cribbed from: http://seattletimes.nwsource.com/html/localnews/2004103452_donuthole02m.html

Comment by You_Gotta_Be_Kidding_Me

You_Gotta_Be_Kidding_Me — Wed, 18 Jun 2008 18:06:15 -0800

What I'd like to know is if the real estate market is collapsing and property values are plummeting (as any Stranger article or post will tell you) why does the tax assessment value on my property keep going up (and when should I expect it to start to drop?)

Comment by Will in Seattle

Will in Seattle — Thu, 19 Jun 2008 00:10:15 -0800

@8 - after people stop moving to our county.

Comment by J.R.

J.R. — Thu, 19 Jun 2008 14:53:23 -0800

@8: When people stop voting for levies and bond issues.