King County, Seattle leaders OK arena pacts
October 23, 2012
Local leaders granted unanimous approval Oct. 15 to proceed on a Seattle sports and entertainment arena.
King County Council members approved the final memorandum of understanding and interlocal agreement among the county, Seattle and investor Chris Hansen’s ArenaCo.
The decision by the council — and the Seattle City Council’s decision to adopt the pacts the same day — is a key step in the effort to bring professional basketball and hockey teams to the region.
The agreement allows for up to $200 million in public dollars to finance a $490 million arena near Safeco Field.
In July, King County Council members approved earlier versions of arena documents. Seattle City Council members amended the county’s agreement last month and, representatives from the county, city and ArenaCo discussed the final proposal since then.