The Seattle City Council took a step towards a possible return of an NBA team to the city, agreeing on Tuesday to a deal to build a $490 million arena that could host NBA and NHL teams.
This plan had previously been approved by the King County Council and also calls for $200 million in public money.
The council had previously told investor Chris Hansen that the plan would need to address issues related to traffic and transportation congestion in the SoDo, or the South of Downtown, neighborhood. The tentative agreement Tuesday creates a $40 million transportation infrastructure fund.
Seattle has been without an NBA team since 2008 when they ownership moved the team to Oklahoma City. The franchise was renamed the Thunder and the team has been very successful, reaching the NBA finals last year behind superstar Kevin Durant.
Durant was drafted second overall by the SuperSonics in the 2007 NBA Draft and played one year in Seattle before the team moved.
The franchise made a settlement as part of the move that allowed the SuperSonics name to stay in the city and that the team's history could be shared between Oklahoma City and any future NBA team in Seattle. The SuperSonics won the 1979 NBA Championship and won three conference titles before moving to Oklahoma City.
Hansen and his team have already acquired the property where the arena would be built, which is located near stadiums for the NFL's Seahawks and MLB's Mariners. The Mariners had previously been opposed to the move, citing scheduling, traffic and revenue issues.
The deal was announced by the three city council members and adds amendments to a memorandum of understanding to increase financial protections for taxpayers, improve freight mobility in the area and to invest in Key Arena at the Seattle Center.
The agreements states that Hansen must cover bond payments if arena revenue totals fall short, according to city councilman Mike O'Brien.
"It's not risk free but it certainly is worth the benefit to make this a good deal going forward," O'Brien told the Associated Press. "It's one of the best arena deals we've seen in the country."
The part of the deal that invests in Key Arena would help the possible franchise transition to the city while a new arena is built. The SuperSonics previously played at Key Arena.
There is still much that needs to be done for a team to come back to the city, including the acquiring of an NBA franchise, but one of the largest hurdles is now in the past.
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