Seattle Moves Ahead with Arena Plan
Attempts to build a nearly $500 million arena that could bring the NBA back to Seattle took another step forward on Wednesday.
And if an NHL team turns out to not be part of the equation, the public investment will be less than originally believed.
The city, King County and private investor Chris Hansen announced a memorandum of understanding on Wednesday laying out the financial responsibilities for the proposed venue.
The proposal included two significant changes, the result of three months of negotiations between Hansen and the local municipalities, from the original unveiled in February. The agreement indicates that construction on the facility could begin with only an NBA franchise on board. Previously, it was believed that both an NBA and an NHL franchise would need to be committed tenants to make the plan work.
The plan calls for nearly $300 million in private investment from Hansen’s group. The amount of public support would be capped at $120 million if it’s only the NBA making a return to the Puget Sound region. It would be $200 million if NBA and NHL franchises are involved.
via Associated Press