By the time the Supersonics reached the arena, it had been yet again renamed the Seattle Center Coliseum, and remained that until KeyArena began its sponsorship in The precedent for a possible NHL team was set back in the s and 80s.
Between and , the stadium was rebuilt to bring it up to NBA standards the Sonics played at the Tacoma Dome in Tacoma, Washington for that entire season and the naming rights were sold to KeyCorp.
The sale resulted in the coliseum adopting the KeyArena name, which remains to this day. But she said her conversations with Hansen suggested that the Kings weren't the only team that might be lured to Seattle. He said the arena deal wasn't about Sacramento," she said. Once that is in place, Chris will initiate a serious conversation with the NBA and show that he, along with the City of Seattle and King County are committed to building a world-class arena.
The task force has been given a short timeline: just a few meetings by mid-March, when the City Council and Metropolitan King County Council may be asked to approve a framework for the deal. The timeline appears to be driven, in part, by a scheduled April meeting of NBA owners. But the Seattle Times said the San Francisco-based Hansen declined to identify the other investors, telling the committee he would do that only when a franchise is acquired.
Making his first public appearance since his public-private partnership plan was unveiled Feb. Investors would guarantee a return on the city's financial contribution, create a reserve fund equal to three times the city's annual arena debt payments; enter a year, non-relocation agreement for both teams; pay any construction-cost overruns; and pay the operating costs and upkeep of the arena. The review panel, which met for the first time last week, is to issue a report to the city and county officials.
It was asked to ensure that the proposal protects the city from financial risk and complies with city Initiative 91, which required the city to make a profit from any public financing of a sports facility. The panel has been given a short timeline, by mid-March, when the City Council and Metropolitan King County Council may be asked to approve a framework for the deal.
Speaking to reporters after his appearance, Hansen said he was willing to wait for opportunities to acquire teams. Hansen has said he needs an official commitment from the city and county to negotiate with the NBA for a new professional basketball team. He has said another ownership group will secure an NHL team, but that both will finance and build the arena. But the other major investors, who have not been identified publicly, should also be vetted by the city and county, said Arena Advisory Panel members.
Hansen's offer seeks to shield the taxpayers from risk by guaranteeing to cover the city's annual debt payments on construction bonds, in the event revenues generated by the arena fall short.
It also promises to pay for operations and upkeep, as well as to create a reserve fund equal to three years of debt payments. Panel member Greg Smith, a Seattle real-estate developer, said it's also important to see the investor groups' agreement with the NBA.
In the event of a default or bankruptcy, the city and county could take over ownership of the teams. The non-relocation agreement is the value," Smith said. The arena panel has a Friday deadline to conclude deliberations and deliver a recommendation to the city and county councils, but chairwoman Jan Drago said it would not be able to meet that deadline and would, instead, deliver the report in early April. In that letter, Seaport Managing Director Linda Styrk warned of negative impacts on Port operations, potentially jeopardizing thousands of jobs and billions of dollars in maritime business revenue.
He said a single investor should not be allowed to determine the site. Hansen declined to comment on the Mariners' letter, but has previously said he chose the Sodo location because it is zoned for stadiums, is served by light rail and buses and has freeway access. Mayor McGinn said the transportation issues raised by the Mariners will be addressed in the environmental-review process for the arena.
The concerns the Mariners and the Port have about traffic congestion and gridlock are shared by maritime labor and manufacturing groups. At previous meetings of the Arena Advisory Panel, representatives from the longshoreman union and the Manufacturing and Industrial Council said the city and county have not delivered on transportation improvements promised with the construction of Safeco Field and CenturyLink Field, where the Seahawks and Sounders play.
Dave Gering, executive director of the Manufacturing Industrial Council, said the city's original plans for the stadium district were to build three overpasses. One was built, he said, and some money for the second was diverted to complete the Mercer Street corridor improvements. He said the movement of freight from the Port through Sodo is crucial to the maritime industry's survival and the city's economic future. The arena proposal didn't address the freight-mobility issue or the public cost of meeting it, he said.
Earlier, an Arena Advisory Panel approved the proposal, calling it "promising. If a large investment is needed beyond that to alleviate traffic congestion in the area - an overpass, for example - the deal would need more scrutiny. The Mariners expressed concern about scheduling and traffic, and the Port of Seattle and others in the local maritime industry said adding another sports venue to Seattle's industrial core threatens thousands of blue-collar jobs.
Hansen also said the deal could go forward without hockey and that it was "highly likely" the arena could be built with only a basketball team signed and hopes for a hockey team later.
Hansen would not disclose the names of investors he's working with. He expects to announce his investment team sometime in June. The panel delivered its final report before a City Hall audience of about 50 that included a half-dozen fans in Sonics green and gold.
Former Sonics coach Lenny Wilkens called Hansen's proposal an "unprecedented" public-private partnership and said the deal differs markedly from that between Seattle and the Sonics, who were sold and in moved to Oklahoma City.
The city's financial expert who advised the panel cautioned that the financial strength of the investment group and its business plan haven't been examined. But she and the panel also recommended the city and county ask for an independent, third-party review of the investors' finances and business plan.
Daudon said the city and county must write the financial guarantees into a contract that is legally binding for 30 years. The two will draft a memorandum of understanding with Hansen that will be subject to review and approval by the city and county councils. Hansen has asked that the agreement be finalized by June so he can take it to the NBA Board of Governors and negotiate to purchase a team.
His business plan also includes attracting an NHL franchise to the arena. The groups say an estimated events a year at the arena, including NBA and NHL games, would add to the congested traffic conditions in the north Sodo neighborhood and threaten the city's industrial engine and maritime trade.
But, Port officials say, its success depends on the access and speed with which the trucks move the cargo from ships to the nearby rail yards and freeways. The study will review other cities with multiple sports venues to understand how they schedule events, will identify the alternate ways for fans to reach the arena and will evaluate parking in the Sodo neighborhood.
It also will outline how the new teams could effectively manage traffic. The traffic study is due back to the City and County councils in six weeks. The short timeline worries the city's Freight Advisory Board members, who noted in a letter last week to McGinn and the City Council that the councils will be asked to approve a memorandum of understanding to proceed with the arena before the real transportation impact is understood.
The board asked that the mayor and council not adopt the memorandum until the full effects of the arena on freight movement and international trade can be more thoroughly examined. Need Tickets? Race Tracks. Alexander Memorial Coliseum. Arrowhead Pond.
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The Sonics lost to fellow expansion team the San Diego Rockets, Roof leaks at the Coliseum on Jan. The building reopened as KeyArena on Oct. The Sonics played their last game in front of a Seattle crowd on April 13, , after the team was sold to a group of Oklahoma City businessmen.
If the public is going to be asked to invest more, let it be in dealing with the transportation and parking that will attend any site. The Coliseum should be landmarked in any honest evaluation of the significance of the structure. That need not be an obstacle, if the consultants and proposers are right.
If it can continue its original duty of being a venue for sports and entertainment — and make money for the city in the process — it could be a win for history, sports fans and taxpayers. Disclosure: Knute Berger has worked as consulting historian for the neighboring Seattle Center landmark, the Space Needle.
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