City needs independent audit of MICA’s finances

No one disputes MICA is a new organization and currently lacks the funding to build or operate the building. A number of MICA’s proposed funding sources appear to be merely speculative, such as a listed $2 million donation from the city. Others appear unlikely, such as the $497,735 for rent and concession income. Despite these optimistic projections, MICA anticipates a $266,614 annual operating loss, even if the building is fully funded and actually completed. My concern is if MICA cannot pay its bills that the city will be forced to cover the loss, as MICA will sit squarely on a city park.

MICA assured the city that it would be no problem to fill the wetland that lies beneath the planned building site. Only after seeking an outside opinion did the city learn that filling in the wetland would be in violation of the current city building code and would require permission from both the Washington State Department of Ecology and the U.S. Corps of Engineers. The financial uncertainties should be treated no differently. The city needs to evaluate MICA’s financial ability before committing our parkland for a period of 50 years or longer. The city has no expertise in fundraising projections and should seek the expertise of an accounting firm to evaluate MICA’s funding promises.

Rob Dunbabin