County, city officials approve revised Seattle arena plan

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King County and Seattle city officials approved the revised Seattle arena plan that could eventually attract an NBA and NHL tenant, King 5’s Chris Daniels reports.

King County officials reached their decision unanimously (9-0) while Seattle city council members approved it by a 7-2 vote, according to Daniels.

The people behind the arena plan have stated that the top priority of this measure is to bring in an NBA team. In fact, they said there isn’t an “NHL-only” plan.

Here’s a little more information on the arena plan, via Daniels’ report.

Investor and hedge fund manager Chris Hansen wants to build the $490 million arena south of Safeco Field and has already snapped up $53 million in land for the project. Monday’s approval by the two councils means Hansen can now begin shopping for an NBA and NHL franchise.

The deal reached with the two councils calls for up to $145 million in public financing if Hansen can get one team to fill the building. Public financing would be $200 million for two teams.  The financing would be paid by arena-generating revenue and includes no new taxes.

The group obviously hopes to fill the void left by the departed Seattle SuperSonics, but that doesn’t mean that they’d be against adding a professional hockey tenant.

Daryl Katz’s Edmonton Oilers ownership group made some noise by flirting with the market a bit a month ago, for instance.