Tagged: NBA

A study has found that Seattle's SoDo neighborhood can handle the traffic that may come from building a third sports arena in the area.

The study was released Wednesday by the City of Seattle and paid for by Chris Hansen, the developer who wants to build an 18,000-seat facility that could house an NBA and an NHL franchise near where the Mariners and Seahawks play.

For 45 minutes at City Hall Wednesday night, would-be arena mogul Chris Hansen calmly answered questions from politicians, bureaucrats and agency heads who reflected Seattle’s pain from repeatedly getting kicked in the bicuspids by pro sports owners, starting with the loss of the Seattle Pilots in 1970.

In the sometimes lame give-and-take, he made a point lightly understood but significant for grasping why his idea is different than those of his sporting predecessors more practiced in the art of shoe-leather dentistry.

“Our equity in this project is larger than the city (and county combined),” he said. “Are we going to risk a $600 million investment over a $2 million annual shortfall?”

Seattle Mayor Mike McGinn announced at a press conference this afternoon that the city has received a proposal to bring NBA and NHL back to Seattle. He said the new facility would be 'self-funded' but would include public money upfront.

McGinn said $200 million from city and county would be invested, but the funds would be paid back through rent and tax revenue generated at the new facility. He said guarantees for paying back the money would be in the agreement.

"The $200 million investment from the county and city would be repaid (from) revenue that would not otherwise exist," McGinn said.

There has been a lot of buzz this week following the news that the city of Seattle has been in discussions with a potential investor for a new arena.

With property purchased just south of the already existing baseball and football stadiums by this investor, and the Sacremento Kings basketball team seemingly on the brink of leaving town, many people have become excited at the possibility that Seattle could see a new team, and perhaps a professional hockey team sooner than later.

Art Thiel doesn't see that happening any time soon.

Seattle may once again become a NBA city, but we’ll have to steal a team to do it.

“The diabolical nature of pro sports means that you have to do bad unto others as they have done bad unto you,” said KPLU sports commentator Art Thiel. “And it puts the city of Seattle in the same business of ruthless poacher, pirate, stealer of another city.”

In other words, it’s déjà vu all over again for a city that had its team – the Sonics – ripped from its collection of pro sports.