There's big news coming from the Seattle City Council in the morning about the deadlocked proposal for a sports arena in Sodo, according to sources familiar with the arrangement. The council has hammered out a tentative agreement with investor Chris Hansen, who wants to build a new basketball and hockey facility and bring the Sonics back to Seattle.
As originally proposed by Hansen and Mayor Mike McGinn, and initially approved by the King County Council, the project's total estimated cost is $490 million. The city and county contributions would be capped at $125 million with an NBA team (or $200 million if an NHL team is also acquired). However, several city council members had expressed concerns about the financing arrangements—with Council Member Richard Conlin suggesting in June that the deal was dead. The arrangement always provided that the city would fully recoup its investment without a tax on the general public, but still, council members have sought to redraft terms with Hansen to include more robust protections for the city's investment.
Finalizing the deal will require a majority vote of both the city and county councils. Stay tuned.