A Seattle City Council committee is set to vote Thursday on a KeyArena renovation agreement, with some amendments in play.
The city and Oak View Group continue to work out the details on a potential overhaul to KeyArena. As part of its $660-million financial package, Oak View Group is expected to modernize the arena to bring it to NBA and NHL standards. The funding package includes $600 million for the arena, plus $40 million for a transportation fund, and an additional $20 million for non-profit entities.
An effort to have the full city council consider the proposal next month is underway, and Thursday’s Select Committee on Civic Arenas vote could move the process forward. During its meeting, the committee will consider a proposal that includes a few amendments. More from King 5:
The amendments include requiring Seattle Center to consult with tenants before re-naming the arena complex and requiring a scheduling agreement between OVG, Seattle Center, and arts organizations like Pacific Northwest ballet and the Seattle Opera. That amendment was something pushed for by councilmember Rob Johnson.
Other changes include requiring OVG to pay Pottery Northwest for all relocation costs and other financial losses associated with a temporary location, restricting any use of the transportation fund for capital improvements of the monorail, requiring OVG to begin baseline rent payments “no later than six months beyond the projected 24-month construction period, unless the delay is caused by the City,” and requiring OVG to increase the number of free community event days from 14 to 24 days.
It is anticipated that the agreement could be considered by the full city council on December 4. If the proposal receives final approval, the KeyArena renovation could be completed in 2020.
Rendering courtesy Oak View Group.
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