King County Executive Dow Constantine and Seattle Mayor Mike McGinn signed legislation on Tuesday approving a funding plan for the construction of an arena. The new arena could bring the NBA back to Seattle, although investor Chris Hansen said there is still a lot of work to be done.
The Mayor remains optimistic about a future Seattle team:
“We’ve taken a big step today to get a new arena built in Seattle and bring the Sonics back, back home where they belong,” McGinn said.
The plan is still subject to environmental reviews, but the existence of the deal is enough for Hansen to make a pitch to any NBA ownership.
The plan features a $490 million arena to be built near Safeco Field and CenturyLink field are located. $200 million will come from public financing.