Hansen has continued his efforts to get an arena deal through up north. A measure turning over a chunk of land near the Port of Seattle was expected to pass a city council vote in May, but they rejected it, 5-4, due to the $200 million in bonds the city was to offer, as well as opposition from the Port. Hansen is still trying to build an arena in the SoDo neighborhood, which is adjacent to where the Mariners and Seahawks play, and today, he wrote a letter to the mayor pledging to finance the whole thing himself, along with three partners.
Our goal has always been to return the NBA to Seattle and to build a new arena to make that possible. Our partnership with the City and County started five years ago was based on a recognition that private financing of a new arena in the prevailing economic conditions was not economically feasible. The goal of this partnership was to build the arena and bring an NBA team to Seattle. Public financing was simply a mechanism that made that possible at the time.
We have concluded that a changed economic climate makes possible the private financing of the arena. For that reason, and to address concerns expressed by City Council members, we would consider revising the street vacation petition to eliminate public financing of the arena. In such a case the MOU would be terminated and the rights and obligations of the parties under the MOU would end. The City and the County would recoup the $200 million in debt capacity and tax revenue streams generated by the arena would cease to be encumbered for arena debt service.
Getting an NBA franchise will be much trickier. No teams appear to be obvious candidates for immediate relocation, especially since Sacramento and Oklahoma City have relatively new arenas. Hansen could pursue an NHL team, but that will also be tricky. He doesn’t have the exigency of the MOU to contend with any longer, and if the NBA is truly considering expansion to Seattle, their arena problem has theoretically been solved for them.
The hell with moving any franchises. There is enough talent in the world to push the league up to another 4-6 teams. Seattle, Las Vegas, and Mexico City would be some good starts.
Our goal has always been to return the NBA to Seattle and to build a new arena to make that possible. Our partnership with the City and County started five years ago was based on a recognition that private financing of a new arena in the prevailing economic conditions was not economically feasible. The goal of this partnership was to build the arena and bring an NBA team to Seattle. Public financing was simply a mechanism that made that possible at the time.
We have concluded that a changed economic climate makes possible the private financing of the arena. For that reason, and to address concerns expressed by City Council members, we would consider revising the street vacation petition to eliminate public financing of the arena. In such a case the MOU would be terminated and the rights and obligations of the parties under the MOU would end. The City and the County would recoup the $200 million in debt capacity and tax revenue streams generated by the arena would cease to be encumbered for arena debt service.
Getting an NBA franchise will be much trickier. No teams appear to be obvious candidates for immediate relocation, especially since Sacramento and Oklahoma City have relatively new arenas. Hansen could pursue an NHL team, but that will also be tricky. He doesn’t have the exigency of the MOU to contend with any longer, and if the NBA is truly considering expansion to Seattle, their arena problem has theoretically been solved for them.
The hell with moving any franchises. There is enough talent in the world to push the league up to another 4-6 teams. Seattle, Las Vegas, and Mexico City would be some good starts.
