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Seattle Mayor Mike McGinn, King County Executive Dow Constantine and investor Chris Hansen on Wednesday will announce a "memorandum of understanding" on the terms for a new sports arena in Seattle's Sodo district, sources said Tuesday.
The news conference will be held at 10:30 a.m. Wednesday.
The document will provide the first public look at the financial terms for the possible construction of an NBA/NHL arena, laying out how much the city and county would have to commit in bonds for the project.
The document, which would still have to be voted on and approved by the Seattle City Council and King County Council, would allow Hansen to move ahead on work on his proposal for a new sports arena.
Hansen, who has proposed building a $500 million sports arena to lure back an NBA team to Seattle, said in April that he has agreed to pay for a parking/traffic impact study to judge the effects of his proposed NBA/NHL facility in Seattle's Sodo district. The Seattle and King County departments of transportation will collaborate on the study.
Hansen's proposal for the $500 million arena calls for a $200 million contribution by the city and county, which would be repaid through admissions and parking taxes.
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