Everett Council Weighs New Loan for Stadium Property in Everett 2026

Key Points

• As reported by HeraldNet, the Everett City Council is reviewing a proposal to issue an additional $3.5 million loan from its general fund to acquire a parcel of land at 2303 Pacific Avenue for the city’s proposed downtown stadium project.
• The new measure, if approved by the council on September 2, would bring the city’s total financial allocations for the stadium project to approximately $23.2 million, comprising roughly $7.2 million in capital funds and $16 million in inter-fund loans.
• The city has previously loaned itself $12.5 million from its general fund for design work and property acquisitions. Total funding allocations now stand at about $23.2 million under an estimated $35 million property acquisition budget.
• The multi-purpose facility, currently known as the Outdoor Event Center, is planned for use by the Everett AquaSox and professional men’s and women’s United Soccer League teams.
• As detailed by HeraldNet, city records show Everett filed a second eminent domain lawsuit on August 13 against the owner of 3001 Smith Avenue, following an earlier eminent domain action against parcels at 3001 and 3011 Broadway.
• Project contractors Bayley and DLR Group are expected to submit a “guaranteed maximum price” to the mayor’s office by the end of August, with a full funding plan and project approval vote anticipated before the city council in late September.

Everett (Evening Washington News) August 21, 2026 — The Everett City Council is evaluating a proposal to issue another multi-million-dollar loan from its general fund to facilitate land acquisition for the city’s heavily debated downtown stadium project.

Why Is the Everett City Council Considering Another Loan?

As reported by HeraldNet, a new proposal introduced during the Wednesday city council meeting outlines the issuance of a $3.5 million loan. As noted by HeraldNet, this capital would be directed toward purchasing a crucial parcel located on the southeast side of the proposed development site at 2303 Pacific Avenue.

As stated by HeraldNet, the municipality has already extended $12.5 million in internal loans to itself from the general fund. This prior financing has gone toward preliminary design work, site studies, consultant fees, and initial land acquisitions for the development, which is currently referred to as the Outdoor Event Center.

As documented by HeraldNet, approval of this latest $3.5 million measure would escalate the city’s cumulative financial commitments for the project to approximately $23.2 million. This total figures out to include about $7.2 million in direct capital funds alongside a staggering $16 million in inter-fund loans.

What Are the Broader Financial Implications for the City?

As reported by HeraldNet, city officials anticipate repaying these internal loans at a later date through a bond measure backed by the future operational revenues generated by the completed stadium.

As highlighted by HeraldNet, this pending acquisition would represent the sixth discrete piece of land the municipality has secured for the multi-purpose sports facility. The proposed venue is intended to host the Everett AquaSox minor league baseball team, alongside newly established men’s and women’s professional soccer teams under the banner of the United Soccer League (USL).

As observed by HeraldNet, although the stadium project lacks final formal approval from the city council, reversing course at this advanced stage appears highly improbable. City leaders face a scenario where failing to move forward or repay existing municipal loans could trigger a catastrophic multi-million-dollar financial hit directly absorbed by the general fund.

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How Much Land Has Been Acquired and What Is the Total Budget?

As reported by HeraldNet, the municipality has committed roughly $14.6 million exclusively to property purchases thus far. Of that amount, approximately $7.4 million originated from state grants, while the remaining balance was supplied directly by local municipal coffers.

As communicated via an email statement from city spokesperson Jason Kelly and cited by HeraldNet, the aggregate cost of land remains fluid due to ongoing, complex negotiations. However, Kelly confirmed that the city maintains an active $35 million budget ceiling designated entirely for property acquisitions. This allocation aligns with a broader financial framework established earlier this year, which estimated the complete project cost at $120 million.

What Legal Hurdles Face the Stadium Project?

As reported by HeraldNet, municipal court records reveal that Everett took aggressive legal action by filing a fresh lawsuit on August 13 against the property owner at 3001 Smith Avenue. The city is attempting to seize the land through the legal process of eminent domain.

As noted by HeraldNet, this legal filing marks the second eminent domain lawsuit initiated by the city for the stadium initiative. The initial legal battle targeted property owners holding parcels at 3001 Broadway and 3011 Broadway. As city spokesperson Jason Kelly conveyed to HeraldNet via email, both eminent domain lawsuits remain actively ongoing in court, leaving a definitive timeline for their legal resolution uncertain.

When Will the Final Funding Plan and Cost Estimates Be Presented?

As reported by HeraldNet, project contractors Bayley and DLR Group are scheduled to deliver a proposed “guaranteed maximum price” to the mayor’s office by the close of August. Project manager Scott Pattison explained during Wednesday’s meeting, as quoted by HeraldNet, that this figure is a core component of the “progressive-design build” delivery method. This collaborative approach pairs designers and contractors side-by-side to minimize unexpected construction costs and eliminate uncertainty during the contractor bidding phase.

As detailed by HeraldNet, once that price point is established, the administration plans to petition the city council for formal project authorization—including a comprehensive funding plan—during late September.

As reported by HeraldNet, Everett intends to finance the construction phase primarily via a major bond measure, supplemented by financial contributions from the Everett AquaSox and the United Soccer League. Furthermore, both the State of Washington and Snohomish County have pledged distinct funding streams to support the development.

Who Are the Private Partners Involved in the Project?

As reported by HeraldNet, project manager Scott Pattison announced on Wednesday that municipal leaders intend to officially unveil two private funding entities during the late September funding presentation. These private stakeholders are expected to inject substantial financial backing into the capital stack.

As quoted by HeraldNet, Pattison also revealed that the United Soccer League has independently retained a professional consultant. This consultant’s primary mandate is to organize and assemble a dedicated ownership group capable of purchasing and operating the new professional soccer franchises destined to play at the Everett venue.

What Is the Timeline and Vision for the Facility?

As reported by HeraldNet, municipal officials have steadily advanced planning efforts for the stadium since 2002, following sweeping new facility regulations announced by Major League Baseball for minor league installations. The city council subsequently voted to focus its study on a viable downtown location in 2024.

As outlined by HeraldNet, if construction receives ultimate clearance, the finished facility will feature approximately 5,000 spectator seats complemented by a public pedestrian walking promenade encircling the complex. Project planners maintain an ambitious target to open the stadium doors to the public by the end of 2027.

As reported by HeraldNet, the full city council is scheduled to convene and cast its official vote regarding the proposed $3.5 million property loan on September 2.