Arena deal heads for final approvalon October 9, 2012 @ 12:15 pm (Updated: 4:11 pm - 10/9/12 )
A new Seattle arena is one step closer to reality after a King County Council committee vote Tuesday to approve an agreement with developer Chris Hansen.
The budget committee made some minor changes to a deal previously approved by the Seattle City Council to move ahead with a proposal to help finance the $490 million dollar arena with up to $200 million in taxpayer-backed bonds.
Both councils have now scheduled votes for next Monday, Oct. 15.
Once approved, the arena must still pass a lengthy environmental review process and Hansen is required to secure an NBA franchise before he can break ground.
The final agreement calls for Hansen to establish a $40 million fund to study and pay for transportation improvements, along with up to $7 million for KeyArena.
Earlier this week, NBA commissioner David Stern said he was hopeful Seattle would have a new franchise within the next five years.
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