Seattle City Council votes in favor of a new arena to be built
Seattle's City Council voted unanimously in favor of lease and development contracts that would mean the demolition of KeyArena, home of the former Seattle SuperSonics, with a new arena being built there.
The development agreements are with The Seattle Arena Company, also called ArenaCo, which intends to invest $700 million to build the new facility. KeyArena's current roof is expected to be utilized at the new building.
The lease approved Monday is for 39 years, with the possibility of two eight-year extensions.
Tim Leiweke, CEO of Oak View Group, which is one entity within ArenaCo, said in remarks to the City Council that the agreement would "create a world-class arena and ultimately add another huge point of destination in (Seattle Center)."
Juarez, in an obvious response to Leiweke, later praised the Seattle Storm, who recently won a WNBA championship.
"That was 10 years ago," Juarez said of the Sonics leaving, according to the Seattle Times, "and you've kind of got to let that go."
Seattle Hockey Partners, the group behind the city's bid for a franchise, is slated to make a formal presentation to the NHL's executive committee on Oct. 2. However, a vote on Seattle's bid to receive an expansion club likely won't be voted on until December.