Seattle City Council Paves Way for New $490 Million Arena
NBA basketball took a giant leap toward returning to the Pacific Northwest, as Seattle City Council members approved an arena proposal with a 6-2 vote on Monday.
The Associated Press reports that the plan is for a $490 million arena to be built in the south of downtown near the Seahawks and Mariners stadiums.
That location is not set in stone, and the AP reports that this "proposal will undergo an environmental review that could take a year. The review will look at whether other sites, including Seattle Center, where KeyArena is, should be considered."
The passing of this plan, proposed by wealthy hedge-fund manager Chris Hansen, was not a foregone conclusion. As the AP notes, there were some serious concerns over the location and the $200 million the city was being asked to put up.
However, Hansen has made concessions and went as far to personally guarantee the debt payments, pledged to make transportation improvements, and to give $7 million to the still in-use KeyArena (the former home of the Sonics). The approved plan calls for the $200 million to be repaid by arena-related taxes.
This deal still needs to meet approval with the King County Council, but, as the AP points out, they already approved the original plan. So, there is no reason to think they won't approve the revised version.
This arena is being built to attract both an NBA and NHL franchise. Seattle hasn't had an NHL team since 1924, but it is obvious a professional basketball team is the main goal here. Open wounds still remain from the departure of the SuperSonics in 2008.
While this is a huge step toward bringing basketball back to the region, it is still not a slam dunk, as the city needs to find some interested teams. Though, it may already be close to landing a hockey team.
Seattle radio host Ian Furness passed along this tweet on Monday.
"Breaking. A group representing the #Edmonton Oilers, including team president, owner was in Seattle today taking a tour of Key Arena. #NHL
— Ian Furness (@IanKJR) September 24, 2012"
Don't be surprised if we see similar tweets regarding an NBA team soon surfacing.
