New Mexico-based real-estate investment company M.T. Phoenix LLC has "expressed interest in overhauling KeyArena and funding" the estimated $285M cost so that the Seattle facility "could host NHL and NBA teams," according to a front-page piece by Geoff Baker of the SEATTLE TIMES. M.T. Phoenix VP/Lending Christopher Brozovich, a Seattle native, in a July letter to Seattle Mayor Ed Murray wrote that his company had "reviewed a new report on KeyArena’s viability and agreed it could be renovated at its existing size." Brozovich is "still waiting for a response" from Murray. The letter "marks the first indication of private enterprise being willing to fund" the cost of "overhauling the city-owned venue." It could also "ignite debate on whether the city should look at KeyArena instead of a new Sodo District arena" proposed by Seattle-based hedge fund manager Chris Hansen. Brozovich had "tried unsuccessfully" to reach Murray's Special Advisor for Strategic Initiatives Chris Gregorich, who "until recently had been the mayor’s chief of staff and lead representative on NHL issues." Even before Brozovich sent his letter, the city was "seeking legal advice on whether it could move beyond its Memorandum of Understanding (MOU) with Hansen and instead support groups interested in refurbishing KeyArena." Seattle Finance Dir Glen Lee "concluded in a July 17 email that helping a KeyArena group was likely not a 'bad faith' violation." The MOU among Hansen, the city and King County would provide up to $200M "in bond funds for a Sodo Arena, but only if an NBA team returns" to Seattle. The "total cost for the Sodo project" is about $490M. The NBA has "indicated no expansion or relocation is imminent." The MOU "has no 'NHL-first' provision, and the city has indicated it might be unwilling to use public funds if only a hockey team come" to the city (SEATTLE TIMES, 11/12).
