Seattle council to consider if arena deal satisfies I-91
Jul 5, 2012, 4:36 AM | Updated: 10:26 am
The Seattle City Council takes another look at the
proposed
arena deal in SoDo Thursday as it tries to decide if it’s
the best move for the city.
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.
