Seattle's Key Arena is the old home of the Seattle Sonics.
SEATTLE (AP) -
The city of Seattle, King County and investor Chris Hansen have reached an agreement in the effort to build an arena that could bring professional basketball back to the Puget Sound.
The memorandum of understanding announced Wednesday now goes before the City Council and King County Council for approval.
The agreement adds a new wrinkle to an original proposal in that an NHL team is no longer needed to start construction. Only an NBA team, with a non-relocation agreement signed, is needed to begin construction on the proposed 18,500-seat facility.
The city/county investment in the project would be capped at $200 million if both an NBA and NHL team are acquired and would be capped at $120 million if it's only an NBA team. The agreement calls for $290 million in private investment.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
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