Council Approves Amendment on Updated Mattel Licensing Terms for Indoor Water Park

The Bellevue City Council approved an amendment to the Mattel sublicensing agreement connected to the Bellevue Indoor Water Park project. City officials say the amendment updates contractual language to ensure compliance with federal tax requirements tied to the city’s bond obligations, specifically maintaining the tax-exempt status of financial instruments under Internal Revenue Service rules.

The amended agreement involves the City of Bellevue, Project Play Holdings LLC (representing Mattel’s interests), and American Resort Management, which serves as Mattel’s designated brand manager.  American Resort Management will also be responsible for the day-to-day operations of the park.

City documents indicate that the changes are largely administrative and have no direct fiscal impact on the city, requiring no new budgeted funds.

While largely technical, the amendment further clarifies branding and approval authority for the project. Under the updated agreement, Mattel and its brand manager retain final written approval over all brand-related aspects of the attraction. This includes the attraction’s name, design, themed elements, retail spaces, food and beverage offerings, marketing and advertising materials, use of trademarks and characters, public relations efforts, and any known talent or public figures associated with promotional activities.

The agreement also outlines detailed marketing requirements for the project. The parties must jointly develop a comprehensive marketing program before opening, and any significant changes must be submitted for approval at least nine months before the attraction’s opening date. In addition, the agreement requires allocating at least 5% of projected annual admission revenue to marketing and promotional efforts.

The amendment further refines the definition and scope of the attraction itself. The Bellevue Indoor Water Park is described as a standalone, permanently ticketed, year-round, multi-branded indoor water park comprising at least 80,000 square feet of combined space. Plans include multiple brand-themed water play zones, branded retail stores, food and beverage kiosks, a themed restaurant, and entertainment programming such as pool parties and movie nights, all subject to approval under an agreed-upon master plan.

The agreement confirms the water park’s approved location at 15575 Bayfront Boulevard in Bellevue, within the Bellevue Bay development area. The venue may operate as a standalone destination or as part of a larger resort environment.

The amended sublicensing agreement carries a 10-year term, effective February 7, 2026. While Mattel and its brand manager maintain final authority over branding and creative elements, the City of Bellevue remains the sublicensee under the agreement, with Project Play Holdings responsible for development and operation of the attraction.

City officials say the amendment helps protect the city’s financial position while maintaining alignment with the project’s original development framework and branding expectations.