The money is always the hardest part — contract negotiation, NBA lockout, just about anything in life.
It’s very true of getting a new arena built for an NBA team. But they have figured that out in Seattle, bringing them much closer to making the dream of an NBA team returning to Seattle a reality.
It’s a $490 million plan of developer Chris Hansen that the Seattle City Council backed on Monday night when he came forward with money to deal with potential traffic issues the arena would generate in the Sodo area, reports the Post Intelligencer.
The King County Council previously approved the plan that calls for $200 million in public money.
The City Council wanted investor Chris Hansen to address concerns about traffic congestion raised by the Port of Seattle and businesses in the area south of downtown. The agreement announced by council members Tuesday creates a $40 million transportation infrastructure fund.
The arena location is not far from the port or the stadiums of the Seahawks and Mariners.
Hansen now has the land, he has the financing, the only thing he needs to really greenlight the project is a tenant. An NBA (or maybe NHL) team. Even then it would take several years to go through the environmental and construction process to get the building up and running, but now the money is in place.
We’re a long way from this being a done deal, but the Seattle effort is gaining momentum.
Sacramento Kings fans, I’d be a little nervous if I were you.