Bob Young live-blogged the news. By a 6-3 vote (with nays coming from Republicans Peter von Reichbauer and Reagan Dunn along with Democrat Larry Phillips) the council says yes to a new arena in Sodo.

Next up, the Seattle City Council will vote, probably within a month. As they said in a letter today, they're skeptical of the financing deal but say it would be "unfortunate if the project were to founder now."

The city council members—particularly Tim Burgess and Sally Clark, who are venomously opposed to this looking like a victory for Mayor Mike McGinn—are desperate to take some credit for this thing. Sure, it's petty. But if they can use their leverage to get more out of investor Chris Hansen in the process, good for them.