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New $600 million Seattle U arena (Pics)
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SeattleVandals Offline
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I Root For: Seattle U
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Post: #1
New $600 million Seattle U arena (Pics)
Going to be the nicest arena in the WAC

LINK

[Image: Oak%20View%20Group%20KeyArena%20Renderin...t=mb_large]

[Image: Oak%20View%20Group%20KeyArena%20Renderin...t=mb_large]

[Image: Oak%20View%20Group%20KeyArena%20Renderin...t=mb_large]

Quote:Seattle Mayor Ed Murray and the Oak View Group (OVG) have a formal agreement to build a $600 million privately financed arena at Seattle Center, with tens of millions more in transportation mitigation.

The deal calls for construction to begin next year and be complete by 2020.

The Memorandum of Understanding (MOU), as it is commonly known, will be formally submitted to the Seattle City Council on Tuesday.

OVG, led by Tim Leiweke, has committed $40 million for transportation mitigation around Seattle Center and $20 million for a community fund in addition to the cost of the arena. That could push the project well over two-thirds of a billion dollars in private financing. Half of the community fund will go towards YouthCare and addressing youth homelessness.

Seattle City Budget Director Ben Noble says he’s confident OVG has the financial backing to carry it out. In fact, Leiweke said potential NHL franchise investor, UW grad and Billionaire David Bonderman “has put money into the building.”

Bonderman has personally met with council members and has been spotted at Seattle City Hall recently.

The announcement comes after weeks of negotiations and by the deadline set by the Seattle City Council for such an MOU. Leiweke called the negotiations “difficult” and “emotional” for everyone.

The council will now review and potentially amend the deal between the Office of Economic Development and OVG. But the current terms lay out a vision for the next 50 years of the KeyArena site and potential for the NBA and NHL.
(This post was last modified: 09-12-2017 02:08 PM by SeattleVandals.)
09-12-2017 11:10 AM
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New $600 million Seattle U arena (Pics) - SeattleVandals - 09-12-2017 11:10 AM



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