Memorandum of Understanding (MOU)

The City and OVG began negotiating the terms of the MOU on June 7, 2017. The City and OVG have committed to actively participate and work together collaboratively, in good faith and with due diligence, to carry out the process described in the MOU and to negotiate "Transaction Documents" (including a Development Agreement, a Lease Agreement, and a Seattle Center Integration Agreement) consistent with the terms, conditions, and limitations of the MOU. 

The full Memorandum of Understanding (MOU) is available here.

The MOU outlines the terms for OVG to move forward on its proposal to redevelop KeyArena into a world class sports and entertainment venue. Under the terms of the MOU, OVG would begin construction on a new arena in 2018, with a scheduled opening in 2020. The MOU was reviewed by City Council and approved on December 4, 2017, enabling the project to go forward.

MOU Summary One-Pager

MOU Summary and Key Terms

Seattle Center MOU Package

Community Benefits Agreement/Summary

The Arena MOU calls for the development of Community Benefits to allow for meaningful and ongoing community dialogue and partnerships with OVG during construction and once the Arena is operational. The City, OVG and community and Seattle Center resident organizations have agreed on a structure and a series of specific investments by OVG and the City to support activities at Seattle Center and adjacent communities during these two periods. The attached summary, capturing the key ideas agreed upon, will now be incorporated into the transaction documents for the new Arena. The summary establishes an Arena Community Development Fund that will apply a broad vision and strategy to addressing critical needs in the areas of youth, arts, music and culture on the Seattle Center grounds and among impacted neighborhood and community organizations. The Agreement also touches on areas of broad community benefit including organizational capacity building, public space activation and local economic development.

Community Benefits Summary Draft

Check back for documentation related to forthcoming agreements.