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.
Local journalism is essential.
Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.
Subscribe to the sports newsletter
Get the day’s top sports headlines and breaking news delivered to your inbox by subscribing here.