Adam Cook, director and TVE liaison to the Greater Tacoma Regional Public Facilities District (PFD), briefed the Economic Development Committee on the PFD’s structure, current finances and capital needs on Sept. 30.

Cook said the PFD — a municipal corporation formed under RCW 35.57 — is financed in part by a 0.033% sales-tax rebate collected only in the city of Tacoma and by convention-center operating income. He described the PFD governance structure (three members appointed by the Tacoma City Council and one each from Fife, Lakewood, University Place and Pierce County) and noted the board meets quarterly and is administered by TVE.

Cook told the committee the convention center is pacing ahead of budget for 2025 by about $430,000 and that a recalculation of room-night metrics for sporting events (using updated geolocation tracking) raised room‑night estimates dramatically for some events. For example, the largest gymnastics event’s guaranteed room nights were recalculated from about 750 to roughly 8,300, which Cook said increased that event’s economic-impact estimate from $380,000 in 2024 to $3.2 million in 2025; Cook said that recalculation accounts for approximately $9 million of the overall 2025 increase in estimated economic impact.

Cook said the state legislature passed House Bill 1109 this year, extending the PFD sales-tax rebate collection period by 15 years and placing the collection end date in February 2055. "This extension significantly improves our bonding capacity for the PFD in support of our future capital needs," he said. A 2023 facility condition assessment identified roughly $92 million in capital investment needed over the next 20 years to maintain baseline operations at the convention center, Cook said.

Committee members asked about the downtown Marriott hotel, which Cook described as having an owner default on mortgage payments. He said the hotel remains under the Marriott flag and under the same management team, but that the property is slated for auction in November. Cook said either a new buyer will acquire and continue to operate the hotel or the bank will retain ownership until a sale is completed. "Either situation, we anticipate a really strong influx of funding to help improve the quality and the conditions of the hotel," he said, calling the outlook "cautious optimism."

Cook said the PFD plans to shift toward booking fewer but larger events — moving from roughly 270–300 events annually toward 100–125 events — so the facility can target events that produce higher room-night counts and greater regional economic impact. He noted the downtown Tacoma Marriott (opened 2021) and other renovated venues increase host-hotel capacity to support that strategy through 2028.