Jack Gordon.org

As the Seattle World's Fair Grounds Become The Seattle Center

UNDERWRITING

Financial requirements to set Century 21 Center, Inc., in full operation are projected at $2 million. Of this, Century 21 Center will use $1.5 million for working capital, purchase of revenue-producing amusement equipment and limited capital improvements. The Pacific Science Center I Foundation will use $500,000 for capital improvements.

The program, directed by Gregg C. MacDonald (right), is similar to the combination of debenture sales and pledge agreements used in financing the World's Fair.

Seattle businessmen may support the program by purchasing 6% debentures or pledging credit upon which money may be borrowed.

"We have drawn a realistic budget which provided for repayment over a five-year period," MacDonald said.

Century 21 Center, Inc., will pay into a sinking fund — to repay the $2 million loan — all fees received from the city under its service contract for operating and promoting the municipal operated facilities. Ultimately 15% of revenues, this is limited to $50,000 during the first year of operation and subject to negotiation in subsequent years.

Repayment by the Pacific Science Center will be in the form of 12 1/2 cents on each admission ticket during the 1965 season and 16 1/2 cents on each ticket during the 1966 and 1967 seasons, plus an additional lump sum representing the remainder of their obligation.