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Seattle City Council Reaches Deal With Hansen For Arena Project

The Seattle City Council has reached a tentative agreement with investor Chris Hansen to build a $490M NHL- and NBA-ready arena, "and make road improvements with a cut of the tax revenue." The deal, expected to be announced today, "significantly strengthens financial protections for taxpayers in the event of default or bankruptcy by the arena operators" (SEATTLE TIMES, 9/11). Transportation "lies at the heart" of the deal; Hanson agreed to establish a $40M transportation fund (KING5.com, 9/10).

Seattle Mayor Mike McGinn said the council's support is the "last piece of the puzzle." He added, "Sonics fans have a reason to smile today" (SEATTLEPI.com, 9/10).

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