Executives sign deal on Seattle arena

King County Executive Dow Constantine and Seattle Mayor Mike McGinn signed legislation Tuesday on the funding plan for construction of an arena that could be used to lure the NBA back to Seattle.

The executives signed the deal a day after a negotiated memorandum of understanding between the city, county and investor Chris Hansen was approved by the city and county councils.

“The process is still not finished, but a major and critical milestone has been achieved,” Constantine said.

The plan calls for a $490 million arena to be built.