Seattle arena investor can shop for team

[FedEx227]

Love that Seattle is openly trying to steal a franchise from another community. Since that's not hypocritical at all.

YOU CAN'T TAKE A BASKETBALL TEAM FROM A ONCE CRAZED FAN BASE LIKE US! WE JUST DON'T WANT TO USE PUBLIC MONEY TO BUILD AN ARENA!

Oh hai there Sacramento Kings

 

[Umfer]

In KJ We Trust! If the Kings relocate I think I'm done with the NBA. I don't know what team to go for and it just wouldn't be the same.... FUCK THE MALOOFS, especially if they get Davis to go along with Cousins.... :fap:!

 

[Golden Taters]

In KJ We Trust! If the Kings relocate I think I'm done with the NBA. I don't know what team to go for and it just wouldn't be the same.... FUCK THE MALOOFS, especially if they get Davis to go along with Cousins.... :fap:!

I wouldn't feel bad for you, you're a UW fan :nope:

 

[Golden Taters]

This is hilarious.

 

[Golden Taters]

Mayor Mike McGinn met with NBA Commissioner David Stern in New York City on Monday to tell him Seattle wants to bring back professional basketball.

"We met so the mayor could show his commitment to bringing an NBA team back to Seattle," wrote McGinn spokesman Aaron Pickus in an email.

The visit came as a surprise to local representatives of Chris Hansen, the San Francisco hedge-fund manager who is proposing to spend up to $800 million to partially finance a new arena and buy an NBA team.

Rollin Fatland, a spokesman for Hansen, said he didn't know anything about the meeting.

"What the hell is that about?" Fatland said, adding that the mayor may have contacted others about the meeting. "I'm not aware that anyone asked him to do it."

Pickus said the meeting was part of an East Coast work trip. The mayor is heading next to Washington, D.C., then to Orlando, Fla., for the U.S. Conference of Mayors.

The Seattle City Council and Metropolitan King County Council are currently considering a proposal to build a nearly $500 million state-of-the art sports and entertainment venue in the Sodo neighborhood. The public contribution would be capped at $200 million.

Seattle City Council member Tim Burgess said Monday he is in the process of hiring independent experts to review the agreement's legal and financial implications.

It's premature, Burgess said, to reveal details about experts because a contract hasn't yet been finalized. The hiring would be done through the Government Performance and Finance Committee he chairs. Burgess said City Council President Sally Clark has given the necessary approval.

"This is a very significant proposal, and the council received it in May and we have to do our due diligence," he said.

The City Council would share information from its experts with the County Council, Burgess said.

Pete von Reichbauer, a Republican County Council member and longtime Sonics fan, said a thorough vetting of the proposal does not mean local officials oppose the deal offered by Hansen.

"If I'm going to buy a house, I want an expert third party to examine it. I'm not going to rely on the seller" for all the information, von Reichbauer said.

"To (Hansen's) credit he has made it clear he understands it's our job to ask questions and his to have answers," von Reichbauer said.

Several County Council members have said they support the idea of hiring independent experts to augment the county's planned review by staff analysts and a volunteer panel of experts appointed by Councilmember Joe McDermott, chair of the budget committee.

The four Republicans on the nine-member council wrote a letter last week complaining they weren't consulted about the panel that McDermott, a Democrat, announced last month. McDermott and Council Chair Larry Gossett wrote back saying they regretted that not all council members were consulted.

Both the city and county councils have heard concerns from the Port of Seattle and maritime industries that the proposed location could hurt freight mobility and the long-term viability of the city's dominant industrial area south of downtown.

With an agreement signed by both councils, Chris Hansen could go shopping for an NBA team. McGinn had been negotiating with Hansen on an arena deal since last July and supports the proposal.

"The Councils are very much reviewing the proposal. In the case of the County Council, we want to know if it's a worthy and safe investment for $80 million," McDermott said.

Neither Burgess nor McDermott would comment on McGinn's meeting with Stern. But McDermott speculated that Hansen might look into securing an NBA team even before an agreement is finalized, if one became available.

In announcing a memorandum of understanding with Hansen, McGinn and County Executive Dow Constantine said a new NBA or NHL team could play temporarily at KeyArena until a new arena is built.

http://seattletimes.nwsource.com/html/localnews/2018410079_arena12m.html

 

[Rudi]

 

[Bomberooski]

F that picture Rudi... You're killing me.

 

[Golden Taters]

SEATTLE (AP) -- The plans for a new arena that could bring the NBA back to Seattle has taken another step forward with the King County Council possibly taking a vote on the proposal as early as next week.

The council announced Monday it was moving the memorandum of understanding between investor Chris Hansen and the county out of committee and for a possible full council vote on July 30. Both the county council and the Seattle City Council must approve it.

Hansen has proposed a $490 million facility with $290 million in private investment, and the remaining $200 million bonded by the city and county and paid off through arena-generated taxes and revenues over the next 30 years. The amount being bonded is less on the county, and it was initially believed the county wouldn't vote until after the city took action on the proposal. The city council hasn't announced a timeline for a possible vote.

http://sports.yahoo.com/news/king-county-council-advances-seattle-030129358--nba.html

 

[Bomberooski]

Oh come on Seattle!!! Let's make this magic happen!

 

[Argath]

NO should change their name to the hurricanes

 

[Umfer]

I wouldn't feel bad for you, you're a UW fan :nope:

We shall see who wins the apple cup you damn COUG!

Oh come on Seattle!!! Let's make this magic happen!

:smh: Sacramento Kings fans deserve to have a team, it's such a joke with what the Maloof brothers have done to the city. All the efforts KJ put in to keeping the Kings........ NBA's a fucking JOKE!!!!!!!!!!!

 

[FedEx227]

The irony of Seattle fans eagerly anticipating getting an NBA team because of poor ownership and a lack of support for a publicly funded arena is just something else.

 

[Golden Taters]

http://seattletimes.nwsource.com/html/localnews/2018812462_apbknnewseattlearena3rdldwritethru.html


[h=1]King County Council approves Seattle arena plan[/h]

SEATTLE —
One vote down and plenty more to go in the quest to build a new arena that could bring the NBA back to Seattle.

The Metropolitan King County Council took the initial step on Monday afternoon, approving the amended proposal from investor Chris Hansen by a 6-3 vote. After four hours of public testimony and statements from council members, the Hansen's proposal - with a few tweaks - got the required number of votes to move forward.

Now the plan goes to the Seattle City Council, but if its actions earlier Monday are any indication, Hansen's $490 million arena plan that includes nearly $300 million in private funds and $200 million in public contribution has plenty of adjustments and changes yet to come.

"I want to personally thank the King County Council for all of their hard work and for taking a big step today to move forward on our proposal," Hansen said in a statement issued immediately after the vote. "There is still much more to be done, but I am looking forward to sitting down with City Council members to figure out how we can make this deal work for everyone."

Before the county had its chance to vote, the city took the first steps in indicating just what concessions they are seeking from Hansen.

Eight of nine Seattle councilmembers unveiled a letter to Hansen saying changes must be made to the proposal before they could support it. The City Council wants to ensure that a portion of tax revenues generated by a new arena would help pay for local transportation improvements. Currently, the proposal calls for those taxes to be used to pay off the $200 million in city and county bonds for the $490 million arena.

Traffic concerns in the SoDo neighborhood - where Safeco Field, CenturyLink Field and the Port of Seattle all share limited space - have been at the core of arguments against Hansen's plan.

Bruce Harrell, who has been a strong proponent of Hansen's proposal, was the only member of the city council not to sign the letter. At a news conference early Monday afternoon, City Council President Sally Clark said the changes requested in the Council's letter were not designed to kill the deal.

"This is about figuring out how do we get to `yes,'" Clark said.

Aaron Pickus, spokesman for Seattle Mayor Mike McGinn, said of the City Council's letter, "we are open to changes, but we think it would be a big mistake to let this investment go by."

County councilmembers Larry Gossett, Joe McDermott, Julia Patterson, Kathy Lambert, Bob Ferguson and Jane Hague voted in favor, while Larry Phillips, Reagan Dunn and Pete von Reichbauer voted against the proposal. Dunn and Phillips both said they were not comfortable with Monday's vote being a binding agreement and wanted to see the results of an in-depth economic study that was amended into the agreement, concerned that a new arena could hurt business at the Port of Seattle.

Other amendments included the county asking the city and the Seattle Storm to work on a favorable and transferable lease. The Storm's current subsidy of at least $300,000 per year from the city has become a sticking point in negotiations between Hansen and the city. The county also inserted an amendment that called for at least 500 tickets to each game available at $10 or less and another 1,000 at $20 or less. Patterson, who pushed for that amendment, said Hansen had agreed to that stipulation.

"It's been a long road to get to where we are today," McDermott said.

While Monday's vote was an important step, the county could be back voting again in the near future. Any changes the city council makes to the memorandum of understanding - and there are almost assured to be changes - would then need to go back to the county for approval.

"This is the first step before we really get into the nitty gritty," Patterson said. "We're not taking a vote today to build a basketball arena, we're taking a vote today on a plan for moving forward on a basketball arena."

 

[Golden Taters]

One step closer.


Deal secures Seattle Council's support for a new arena

SEATTLE – A deal has been reached between the Seattle City Council and the investor group led by Chris Hansen on the financial terms that would put a new sports arena near Safeco Field.

An official announcement by city council members outlining the terms of the agreement was made Tuesday. Ahead of the announcement, the council released documents detailing the negotiated changes to the Memorandum of Understanding as well as an FAQ.

A key multi-million dollar concession by Hansen, which could see his investor group spend more out-of-pocket to build the arena, appears to have brought reluctant councilmembers onboard with the project.

Quick facts:
$40 million will go toward a transportation fund to improve traffic, transit and protecting Port of Seattle operations. $7 million more goes toward KeyArena.

Hansen's group will take more responsibility for cost overruns or if the arena fails to be constructed.

After the 30 year arena use agreement, Hansen's group can be required by the city to purchase the arena for $200 million. If the arena is torn down after 30 years, Hansen's group must pay those costs.

The City Council says the new agreements satisfy Initiative 91.

No construction begins until an environmental review is conducted.

Transportation lies at the heart of the revised agreement. In the Memorandum of Understanding entered into earlier this year with Seattle Mayor Mike McGinn and King County Executive Dow Constantine, Hansen pledged $290 million of private money to build the NBA/NHL facility in SODO. That original plan envisioned the city and county issuing $200 million in bonds to finance the remaining costs of the project (a one-team scenario would have involved only a $120 million investment by the city and county). Hansen pledged that arena revenue would be sufficient to pay off the bond debt, thus resulting in no risk to taxpayers.

To get that deal through the city council, Hansen has agreed to establish a $40 million transportation fund, which would come out of the publicly financed pool of money. The fund will go toward protecting Port of Seattle operations and improving freight mobility, pedestrian safety, and transit service and traffic management.

Two Port commissioners -- John Creighton and Tom Albro -- told KING 5 that the revised deal may not go far enough to address transportation issues, and both insisted that the environmental review is critical to the process.

Hansen has also agreed to spend $7 million on KeyArena, aided by revenue from an NBA or NHL team that would use the facility while the SODO arena is being built. The money, which would also support planning for KeyArena's future, would also come out of the publicly financed portion.

Since $40 million raised through city and county bonds will be shifted to transportation, Hansen's group will likely have to pay more than the $290 million they originally proposed to spend on construction.

To offset some of those extra costs to Hansen's group, the council will commit to financing up to $145 million in bonded debt rather than $120 million in a one-team scenario. Council leaders are said to believe that the transportation portion of the deal will help secure matching funds from the state, federal government or the Port of Seattle.

The agreement also puts more of the risk onto Hansen’s investment group, ArenaCo. The City Council says if the arena is not built, Hansen guarantees to buy back the land acquired by the city and county to ensure no public financial loss.
Hansen will be required to double his security reserves if Arena revenue does not perform as expected. ArenaCo must also keep a minimum of three months operating and maintenance cash on hand at all times.

When the arena use agreement ends in 30 years, the city and county can require ArenaCo to buy the arena and the land for $200 million. ArenaCo can also buy the land and facility at the end of the arena use agreement for no less than $200 million, but if that happens, ArenaCo must build a new arena on the site.

If the arena use agreement is not extended after 30 years, ArenaCo must pay for demolition and removal costs of the arena. The city would keep the land.

A big hurdle was making sure the deal would not violate Initiative 91, forbidding the city from using taxpayer funds for a new sports arena unless the city is guaranteed to profit from it at the rate equal to or higher than the yield on U.S. Treasuries.

The City Council said that because some of the funds now go to improving transportation in SODO, and because the agreement means the city is guaranteed at least $200 million on its investment, the deal would satisfy I-91.
"The new and improved agreement with Mr. Hansen makes this a sound step for Seattle," said Council President Sally J. Clark in a press release. "We set out to make sure the general fund is protected, freight mobility is helped and that we have help in charting the future of Key. We achieved these goals."
Councilmembers said an environmental impact study must first be done before any construction can begin. That could take a year.

“It was the city council’s commitment and hard work that got us to this point," said Hansen in a statement Tuesday. "And even though I continue to believe that the initial transaction terms agreed to by the Mayor and County Executive represented a great deal for the region, and one of the best arena deals ever offered to a city, I also respect the role of the legislative bodies in this process.
“The process worked," he said.

Hansen has remained relatively silent on the negotiations ever since the King County Council approved an amended MOU back on July 30. The Seattle City Council’s approval was considered the last major stumbling block.
“I’m encouraged to learn that City Council leaders have found a way to get to ‘yes’ with Mr. Hansen on a revised memorandum of understanding," said King County Executive Dow Constantine.

Councilmembers Bruce Harrell and Sally Bagshaw, an initial arena critic, signaled their support. Chief negotiators Tim Burgess and Mike O’Brien are also on board. Council President Sally Clark signed on late Monday and councilmember Jean Godden said on Twitter she would support the deal.
Councilmember Larry Phillips, a critic of the original arena plan, signaled his support for the new deal. "We appear to have a slam dunk of a deal for the Sonics to return to Seattle," he said Tuesday.

The proposal will go before the City Council’s Government Performance and Finance Committee for a vote on Thursday. If approved, it will go before the full council next Monday or on Sept. 24. If passed by the City Council, it will go back to the King County Council for approval.
"I look forward to reviewing the revised agreement between the Chris Hansen and the City of Seattle. I am optimistic that the County, City, and Mr. Hansen will reach a final deal in the coming weeks," said County Councilmember Bob Ferguson.

"I welcome the news that the City Council has decided to support bringing basketball back to Seattle," said Seattle Mayor Mike McGinn in a statement Monday. "We haven't gotten a team yet, but Sonics fans have a reason to smile today."

KING 5's Chris Daniels and Travis Pittman contributed to this report.

http://www.king5.com/news/arena/Han...-on-financing-new-sports-arena-169272086.html

 

[Golden Taters]

Seattle arena investor can shop for team

SEATTLE -- Chris Hansen has a ticket to shop.

His list is short: Find an NBA franchise willing to sell and bring professional basketball back to Seattle.

Hansen, the investor trying to build a new arena, said Thursday that the league has been closely watching what's taking place in the Pacific Northwest and a renegotiated memorandum of understanding between Hansen and the city council on the proposed arena goes a long way to easing the league's concerns about Hansen's plan.

ded

"It means a lot to the NBA," Hansen said. "They've been watching very close to what we're doing. I think going in they were very skeptical we would get to this point given our history in Seattle.

"It's a great win for the city with the league."

Hansen spoke at a bar in Seattle's Pioneer Square shortly before an event where he invited fans to come celebrate the agreement announced earlier this week and have their first beer on him.

While the green-and-gold celebration was just getting under way, a short distance away a council committee was voting to advance the renegotiated agreement to the full city council for a vote that is expected to happen Sept. 24. The agreement must receive full approval from the city council and the King County council.

Even some members of the city council showed up at the bar following the committee vote, along with a huge throng of Sonics fans hoping to see the franchise return sooner than later. Hansen cautioned it might not be a quick process and what might be the most difficult task -- team acquisition -- is just beginning.

Asked if there could be a franchise in Seattle next year, Hansen didn't want to be overly optimistic.

"I think it's conceivable, that would be optimistic and that is not an expectation I would not want to set," he said. "I worry that people are expecting us to get this deal done and it be like magic and a team would be here this year. It's like, 'Poof and we've got a deal done and where is our team?' This is a far more difficult process. I think anybody who is intimately familiar with the NBA knows this is a tough next face we have to go through."

The Mariners released a statement later Thursday saying they are encouraged by the city council's requirement of an environmental impact study and reiterated their belief there are better sites for the arena. Hansen has spent more than $50 million purchasing land for the arena.

"We look forward to participating in the EIS process, sharing our experience, and helping the city and Mr. Hansen reach the best possible decision. This review will only enhance the arena's chances for success; that is everyone's goal," the Mariners said.

The revised deal first leaked late Monday night and was announced by a trio of city council members on Tuesday night. Hansen said his phone erupted when the news leaked and he stayed up until 1 a.m. listening to a Seattle sports radio station take phone calls from excited fans.

Hansen said the demands of the council pushed him and his investors past the point that they were probably prepared to go financially, but they decided it was in the best interest of the community to drop a few more dollars into the agreement.

"In the interest of making this happen and taking a step back and see the big picture it was just really important for us to get this done," Hansen said.

The renegotiated deal was met with praise by fans and city officials, but still skepticism from opponents. On Wednesday, opponents to the arena sent a letter to the city stating their concerns about the re-worked agreement. Among those signing the letter was a representative of the Seattle Mariners' front office, one of the first public statements by the Mariners opposing the deal.

The proposed site of the arena is adjacent to the parking garage across the street from the Mariners' home park, Safeco Field.

Hansen said there have been repeated efforts to reach out to the Mariners along with Seattle's other pro franchises.

"About the only comment I would make is the Seahawks and Sounders have engaged with us and are interested in what we are doing, expressed their concerns and are willing to work with us," Hansen said. "We have made a lot of outreach to the Mariners and they are not interested in having a dialogue. You can't reach a point with people if they're not interested in having the discussion about what it would take to make it happen and make it acceptable for them."

The revised deal called for Hansen's group to increase its reserves on the $490 million project that will include $290 million in private investment. Hansen's group will also commit $7 million toward KeyArena and spend $40 million on improving traffic and freight mobility in the area around the stadiums and the nearby Port of Seattle.

"We said we would do our share on the transportation side. We would contribute money, we always said we would try and make it better than it was before," Hansen said. "So I think $40 million, plus what we have to put in for SEPA, we're hopeful other professional sports organizations will benefit from improved pedestrian access and transit connectivity will have a similar point of view as us and help out."

http://espn.go.com/nba/story/_/id/8375689/seattle-arena-investor-now-shop-nba-team

 

[Mogriffjr]

Seattle really doesn't give a shit about basketball out there...