King County Council advances Seattle arena plan

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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.