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Arena Deal Gets Final OKs

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credit: www.sonicsarena.com
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SEATTLE (AP) — The King County Council and the Seattle City Council have given their final approval to an agreement to build a new professional basketball and hockey arena in the city.

The votes came Monday despite a lawsuit threat from the Longshore union, which says the agreement violates state environmental law and would put good-paying maritime jobs at risk.

Hedge fund manager Chris Hansen is leading a group that wants to build the $490 million arena with $200 million in public financing. The public investment would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest.

Hansen wants the stadium built near the Mariners and Seahawks stadiums, but the agreement calls for alternative sites to be reviewed as well.

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