Seattle council to consider if arena deal satisfies I-91on July 5, 2012 @ 4:36 am (Updated: 10:26 am - 7/5/12 )
A council committee will look at whether the deal satisfies voter-approved I-91. That initiative, passed in 2006, requires the city make money on any investment of public funds for arenas.
If Chris Hansen's proposed $490 million arena doesn't meet the I- 91 guidelines, the council would likely oppose it.
Mayor Mike McGinn is confident this deal will make money, and he hopes the council sees that. He believes the city must move on this.
"Or we miss an opportunity for hundreds of millions of dollars of investment, new jobs, and bringing the Sonics back," he said.
The city and King County are being asked to issue $200 million in bonds in this deal.
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