Seattle's Settlement From Sonics Trial To Pay Off KeyArena Debt
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Seattle's $45M Settlement From Sonics Trial
To Be Used To Help Pay Off KeyArena Debt |
The $45M settlement the city of Seattle received as a result of the trial over the Sonics' KeyArena lease "could be used mainly to pay off debt at KeyArena and make up for money lost because of canceled games," according to Kathy Mulady of the SEATTLE POST-INTELLIGENCER. The "biggest chunk" of the settlement is $34.2M that will be used to "pay off the debt from remodeling KeyArena" in '95, and City Finance Dir Dwight Dively said that the "lump sum is a bonus for Seattle taxpayers because the city was on the hook for five years of debt payments that weren't going to be covered under the Sonics lease." Dively said that $2.3M "will be set aside for improvements to KeyArena," while $3.8M will be "used for other Seattle Center projects that will be detailed" next week when Mayor Greg Nickels releases his '09-2010 budget. Another $1.4M will be used to "replace money the city was expecting in revenue had the Sonics played in Seattle this fall," and $500,000 will "offset losses at Seattle Center expected because events couldn't be booked to fill the vacant dates" left by the team. About $2.8M of the money "will pay legal fees in connection with the case." The City Council is "expected to vote on the uses for the money over the next couple of weeks" (SEATTLE POST-INTELLIGENCER, 9/23). In Seattle, Sharon Pian Chan notes Nickels has asked the state of Washington "for $75[M] in spending authority to renovate Seattle Center and KeyArena." Nickels previously has said that "without a remodel, it will be difficult for the city to attract a new basketball franchise." Dively said that the state's task force on capital projects is "still considering the city's request" (SEATTLE TIMES, 9/23).
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