April 16, 2013
City of Seattle and ArenaCo reach agreement governing investments to KeyArena in preparation for NBA basketball and facility operations
- ArenaCo pays use fees of $2 million annually to the city, over three times the net revenue realized in 2012 at KeyArena
- Maintains all city employee jobs at KeyArena
- ArenaCo commits to a minimum of $3 million in permanent capital improvements
- Read the press release
A NEW APPROACH TO ARENA FINANCING
A private investor has proposed to the City and County the construction of a new self-financing arena in Seattle's Stadium District with the ability to host an NBA and NHL team. The City and County have agreed to evaluate this proposal, which takes a new approach to arena financing.
- No new taxes will be required. The arena will be self-financed.
- Only taxes generated from construction and operation will be used for the project. In other words, it is funded by revenue that only
exists because of the arena.
- The public will be protected by a contractual guarantee from the investment group, backed up by securities in a lockbox.
- The teams will enter into a binding non-relocation agreement until the
arena financing is fully repaid.
WATCH VIDEO
Mayor McGinn and County Executive Constantine announce a new, self-funded arena proposal
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King County Executive Dow Constantine and Seattle Mayor Mike McGinn today announced that investor Chris Hansen has commissioned an immediate feasibility study of multimodal transportation access and parking in Seattle’s Stadium District. [...]
Mayor and County Executive announce new, self-funded arena proposal 02/16/12
Seattle Mayor Mike McGinn and King County Executive Dow Constantine today announced that a private investor, Christopher Hansen, has sent a proposal to the City and County to construct a new arena in Seattle’s Stadium District with the ability to host an NBA and NHL team. Together, the Executive and Mayor also appointed a panel [...]
