Seattle Arena Gets Final Approval
The King County Council and the Seattle City Council gave their final approval Monday to an agreement to build a $490 million basketball and hockey arena in the city, despite the threat of a lawsuit from longshore workers.
The County Council approved it unanimously, while the City Council voted 7-2. Both bodies had previously OK’d different versions of the deal.
“This is a very good financial plan here,” said County Councilman Reagan Dunn, a Republican who earlier had concerns about the deal. “It’s been well thought-through.”
Hedge fund manager Chris Hansen is leading a group that wants to build the $490 million arena near the existing Mariners and Seahawks stadiums with $200 million in public financing. The public investment would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest. Other investors include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store clan.