Multiple Sources confirmed Monday that a deal has been reached between the Seattle City Council and the investor group led by Chris Hansen on the financial terms that would put a new sports arena near Safeco Field.

A key, multi-million dollar concession by Hansen that could see his investor group spend more out of pocket to build the arena appears to have brought reluctant councilmembers onboard with the project.  City Council members are expected to make an official announcement outlining the terms of the agreement on Tuesday.

Transportation lies at the heart of the revised agreement. In the Memorandum of Understanding entered into earlier this year with Seattle Mayor Mike McGinn and King County Executive Dow Constantine, Hansen pledged $290 million of private money to build the NBA/NHL facility in SODO. That original plan envisioned the city and county

After full council approval, sources said the deal will allow Hansen to tell the NBA that Seattle is ready to host a franchise.

via Chris Daniels of King 5 News