EVERETT — The City of Everett has unveiled a new financial strategy to rescue its proposed downtown stadium project, revealing plans to inject $33 million from its recent transit merger into the development.
The disclosure comes as the projected cost for the “Outdoor Event Center” has ballooned to $144 million—a $24 million increase since the start of the year. City officials attribute the surge to rising construction expenses and higher-than-expected costs for property acquisition.
The funding shift follows the official consolidation of Everett Transit into Community Transit, a merger finalized Thursday that will take effect April 1, 2027. Under the agreement, Community Transit will pay Everett $54 million for city transit assets. When combined with existing reserves, the city plans to allocate over $80 million, with $30 million of that specifically tagged for the stadium and $3 million for surrounding street improvements.
City officials have denied that the timing of the transit merger was influenced by the growing financial needs of the stadium.
“The conversation around the merger has always been around what’s best for the future of transit,” said Everett Finance Director Chris Godwin. “The considerations around whether or not to use that funding for this project really only became something we had to explore as we got a better sense of what the project costs were going to be.”
The stadium project, which began as a way to retain the Everett AquaSox after the team faced new league facility requirements, has seen its price tag climb significantly from an $82 million estimate in 2025. To bridge the current $144 million requirement, the city proposes issuing $92 million in debt, supplemented by the transit funds, state and county contributions, and $10 million combined from the AquaSox and the United Soccer League. A mysterious “business partner” has also contributed $5 million, with city officials citing a non-disclosure agreement for withholding the company’s name until later council proceedings.
The financial plan hinges on the city opening a $92 million line of credit to manage short-term construction costs, with debt service eventually covered by stadium revenues and a recent overhaul of the city’s business and occupation (B&O) tax. If the project fails to gain City Council approval, the city’s general fund—already struggling with a structural deficit—could face millions in losses from unreimbursed loans and design costs.
Everett has already acquired six parcels for the site, though it remains locked in negotiations and condemnation lawsuits for several others. The city council is slated to review the full financial package on Tuesday, with a final vote on the project’s future scheduled for December 2.
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