Seattle City Council, Storm Finalize Terms For KeyArena Lease
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Under New Agreement, Storm's Rent At Arena
Decreased From $15,000 To $5,000 Per Game |
The Seattle City Council "voted unanimously on Monday to approve a 10-year KeyArena lease" for the WNBA Storm, according to Jayda Evans of the SEATTLE TIMES. The 7-0 vote was the "last step in finalizing an agreement that took about a year to negotiate." Under the new agreement, the Storm's rent "decreased from $15,000 to $5,000 per home game with a minimum of 14 Monday through Thursday dates." The team will receive 30% of revenue from concessions inside KeyArena and be paid a "minimum of $300,000 annually by Seattle for allowing Seattle Center to sell advertising in and around the building." The Storm "didn't request revenue from parking," and the other 70% of concession sales "goes to the city." In a "new twist, the Storm now owns the Team Shop and can lease to a tenant," and the team also will be allowed to "sell food on the KeyArena plaza." If approval is granted to renovate KeyArena -- a stipulation required by December to lure another NBA team and receive the final $30M from Thunder Owner Clay Bennett -- the Storm "will be reimbursed the difference for playing in another venue" (SEATTLE TIMES, 2/3). Seattle City Council member Tom Rasmussen said the city "may not make a great amount of money" on the deal, but "will make a small profit or break even." In Seattle, Kathy Mulady reports the city "will get money from naming rights, suite and premium seat sales, and other sales" (SEATTLE POST-INTELLIGENCER, 2/3).
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