City’s Sale of Pacific Place Parking Garage Doesn’t Pencil Out, Says Burgess

Burgess admits that a belated discovery means it's not so simple for city to get out from under Pacific Place: "For various reasons, our garage debt cannot be paid off directly — or 'called' in the language of the bond market — until late in 2017. That leaves us paying the bonds' 5 percent interest rate in the meantime."