MYNORTHWEST NEWS

Arena deal heads for final approval

Oct 9, 2012, 12:15 PM | Updated: 4:11 pm

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

(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.

MyNorthwest News

Image: Brightly colored eggs are set on a table on the South Lawn of the White House in Washington,...

Ted Buehner

Expect good Easter weekend weather for egg hunts, chilly evening Mariners games

Both Saturday and Sunday of Easter weekend will feature temperatures warming to around 60 degrees across much of Western Washington.

10 hours ago

Taylor Swift performs onstage during the Taylor Swift | The Eras Tour at Lumen Field on July 22, 20...

Micki Gamez, KIRO Newsradio and Bill Kaczaraba, MyNorthwest

Seattle tourism dollars break records following All-Star Week, Taylor Swift

It was a record-setting year for dollars flowing into Seattle from tourists.

11 hours ago

Image: A bridge in Carnation....

Julia Dallas

Carnation frustrated with Seattle again after 8th false emergency alarm induces widespread panic

Carnation citizens have faced a series of panic-inducing alarms after SPU's system for the Tolt Dam falsely sounded eight times.

13 hours ago

Grocery store shopper...

Bill Kaczaraba

Ways to deal with Seattle grocery store sticker shock

Seattle grocery store sticker shock continues to play havoc on locals, but there are ways to counter high prices.

13 hours ago

belltown hellcat social media...

Frank Sumrall

Infamous ‘Belltown Hellcat’ social media influencer charged with reckless driving

The social media influencer has been accused of driving 107 miles per hour through Belltown in a Dodge Hellcat.

14 hours ago

KIRO Newsradio gracie awards...

MyNorthwest Staff

KIRO Newsradio anchors receive Gracie Awards for outstanding work

Heather Bosch and Lisa Brooks, anchors at KIRO Newsradio, have been honored by the Alliance for Women in Media with prestigious Gracie Awards.

17 hours ago

Arena deal heads for final approval