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Comments (35)
City Council reaches deal with investor for Seattle arena
The Seattle City Council and investor Chris Hansen have reached a tentative agreement to build an arena in Seattle's SoDo neighborhood.
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  • Chuck Gould wrote...
    So, according to comments here, only basketball fans will be on the hook for ....
    the general obligation bonds issued by the City of Seattle to raise money for the billionaire's arena?

    Never knew you could do that. I'll be interested to see the details of that one.

    As far as I knew, if the arena promoters and their team, or the NBA, plays the citizens of Seattle for suckers and fools (AGAIN!!) and decide the grass is greener in East Overshirt, the taxpayers are the folks who must ultimately take responsibility for the money they borrowed to give to the promoters.

    Oh sure, we can sue the promoter, the team, the NBA, yada, yada, yada....good luck with that. Bottom line, the taxpayers are ultimately on the hook for a general obligation bond. It will be interesting to see how only basketball fans are going to be on the hook for this one- as that's what the comments here continue to state.

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  • Zagnut wrote...
    Chuck, you need to do just a little bit of research. Then you won't be ignorant about this subject.
    .
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  • Roark wrote...
    So let me get this straight...
    Chris Hansen will buy all the land, pay for most of the stadium costs, BUY a team, GIVE the entire arena and land to the City of Seattle, pay $40 million for traffic mods to fix a problem that already exists, another $7 Million to update Key Arena, and then have to BUY BACK the new arena (which he has already paid for and given the city for free!) in 20 years for $200 Million? I think Hansen may want to report to the hospital, he just got raped by the city. Most cities would have been glad to have Chris Hansen put in that much of his own money on a stadium without all the other city extortion, but NOT SEATTLE! You call that business friendly? If I was Hansen I would have given Seattle the middle digit months ago and gone to Bellevue and made a deal there. This is preposterous.
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  • Rick W7PSK wrote...
    Roark
    these questionable anti arena people wont be happy until Hansen buys the land and the team and then gives a 100% of the revenue from ticket sales to the city and also pays taxes and rent and then gives it all to the city in the end
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  • Roark wrote...
    The sad part is...
    All this city extortion will make the chances of this whole thing failing much greater. I don't know of any legitimate business that could operate under these conditions. How Hansen figures this is going to work for him financially is beyond me. What must the ticket prices be to support this? He still has to pay players salaries! Maybe TV revenue will make the difference, but good luck with that. With the NBA's reputation taking a hit with every abused NBA Wife and drug addicted player report, I'm not sure anyone will want to watch.
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  • Alex Mason wrote...
    Please Mayor Magoo...
    Make sure we have copius amounts of bicycle slots and recharging stations for the envirotards.
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  • Rick W7PSK wrote...
    Im surprised the City Council
    While taking Hansen for a ride, didn't demand he rebuild 3 or 4 buildings for subsidized artists apartments

    The would of course have to match the one you tax payers already were fleeced for.

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