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Arena deal heads for final approval

Both the King County and Seattle City Council's will vote next Monday on a proposed deal for a new Seattle arena. (AP image)

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.

About the Author


Josh Kerns is an award winning reporter on KIRO Radio 97.3 FM. He covers everything from May Day riots in Seattle to the latest Boeing news.

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