October 16, 2012
King County Executive Dow Constantine, Seattle Mayor Mike McGinn, City and County Council Members and arena investor Chris Hansen gathered at Rainier Vista Boys & Girls Club for the arena legislation bill signing ceremony.
The city and county councils gave final approval Monday for the $490 million arena with $200 million in public financing.
July 30, 2012
The King County Council voted to move the arena proposal from committee to the full Council for consideration on July 30. Budget and Fiscal Management Committee Chair Joe McDermott, who requested the action, also introduced proposed amendments to the Memorandum of Understanding (MOU) and Interlocal Agreement (ILA), which define the terms of the proposal. Prior to consideration, the Council will hold a public hearing:
July 19, 2012
The Seattle City Council and Metropolitan King County Council held a joint hearing on the proposal to build a sports arena in the SODO district.
Watch the hearing.
June 14, 2012
King County Executive Dow Constantine speaks to a crowd of thousands during a rally at Occidental Park in Seattle in support of a new sports arena in the Sodo District.
June 13, 2012
Steve Ballmer and Peter and Erik Nordstrom named as partners in arena investment. Learn more.
May 23, 2012
Seattle Department of Transportation (SDOT) releases the Seattle Arena transportation study completed by Parametrix.
Watch arena finance announcement from May 16, 2012
King County Executive Dow Constantine and Seattle Mayor Mike McGinn, joined by private investor Chris Hansen, have announced agreements between the City, County and ArenaCo to govern the financing of a proposed new state-of-the-art, multi-purpose arena in the Stadium District of Seattle’s SoDo neighborhood.
Read the arena proposal agreements
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 a NBA and NHL team. Mr. Hansen proposes to raise $290 million in private investment for the facility. In addition, he and his investor group would bear the costs associated with acquiring an NBA team and seek a partner who would recruit an NHL team to the new facility. The remaining arena development and construction costs would be financed by a combination of tax revenues generated by the facility, and property and rental income paid by the teams.
Seattle Mayor Mike McGinn and King County Executive Dow Constantine said that any agreement eventually reached by the City, County and the private investor must adhere to the following principles:
- A new arena must be self-funding, and not rely on new taxes;
- Existing City and County funds and services would not be adversely impacted;
- Private investors would bear risk against revenue shortfalls;
- Any project cost overruns will be the responsibility of private investors;
- Private funding should be provided for a study of ways that Key Arena can be modified to keep it a financially successful part of Seattle Center.
Mayor McGinn and Executive Constantine directed the Arena Advisory Panel they appointed to review the financing and other details of the proposal to ensure that the proposal is in the best interest of the public. The Panel submitted its findings and report to the County Executive and Mayor in April.
View the Final Arena Panel Report
The Panel was comprised of the following members:
- Jan Drago, co-chair - former Seattle and King County Councilmember
- Lenny Wilkens, co-chair - NBA Hall of Famer and former SuperSonics coach
- David Freiboth - executive secretary of the ML King County Labor Council.
- Doris Koo - former president and CEO of Enterprise Community Partners
- Karen Lee - CEO of Pioneer Human Services
- Estela Ortega - executive director of El Centro de la Raza
- Greg Smith - founder and CEO of Urban Visions
- Dr. Jill Wakefield - Chancellor of Seattle Community Colleges
- Maud Daudon, financial advisor - CEO and President of Seattle Northwest Securities Corporation; former Seattle deputy mayor and chief of staff
If a memorandum of understanding can be reached between Mr. Hansen, the City, and the County, a proposal could be considered by the Seattle City Council and the Metropolitan King County Council respectively this spring.
Watch Executive Dow Constantine, Mayor Mike McGinn and Chris Hansen arena proposal announcement from April 5, 2012
Watch the New Arena Proposal Press Conference from April 4, 2012
Watch Mayor McGinn and County Executive Constantine announce a new, self-funded arena proposal