Only the little people must pay property taxes.

[esp1986]

That sir depends on the terms of the lease.

And there is no lease. Since they are negotiating with the city, all of this is simply accruing.

They have said that $2 million has been spent on renovations... if they wanted a long term lease, i.e. 30 years, that would have been a cost paid by the owner to renovate the facility...

When they have an agreement in place, all those costs will be figured in and they will settle-up.

This amounts to no more than a circumstantial error. Under the old lease agreement, I recall there being a tax split between the city and Olympia. Typically, in a long-term lease case, the lessee would pay them. In this case, they didn't, and they are continuing to operate under the terms of the old agreement while a new one is being worked out.

One of the highlights of the old lease expiring was that the city could collect more rent, property taxes and more of the gate revenues...

Under the terms of the old lease, the tax rolls properly reflect this now being a taxable property. However, without a long term lease, the city is on the hook for that, which will likely be settled if/when they sign a new lease.