The Seattle City Council has reached a deal with investor Chris Hansen on plans to build a new arena in the SoDo area of the city near Safeco Field, according to the Seattle Times.
Seattle City Council, Arena Developer Reportedly Reach Deal
Hansen originally put up $290 million toward building a new arena, with the intention of drawing in NBA and NHL franchises to the area. The plan involved the city covering the rest with $120 million in bonds, which Hansen assured would be paid back in full by the revenue generated from the arena alone.
One of the primary concerns from the city with the original plan was traffic and transportation infrastructure around the proposed new arena, which already houses two large stadiums in Safeco Field and CenturyLink Field. As part of the new plan, a cut of the tax revenue generated from the arena will be specifically used on infrastructure improvements to alleviate traffic concerns.
Some tax revenue will also be rerouted to make improvements to KeyArena, the former home of the Seattle Sonics, so that the facility could be used for NBA and NHL teams waiting to move into the new proposed arena.
For more Seattle news, check out SB Nation Seattle.
