Mayor Mike McGinn announced Tuesday an agreement has been reached between the city and ArenaCo ensuring Key Arena will be ready for the 2013-14 NBA season in the event Seattle gets a professional basketball team.
"This agreement increases revenue to the city from KeyArena, realizes a great private investment in a Seattle landmark and will add to the vibrancy of the Seattle Center by helping bring the Sonics home," said McGinn. "I thank my staff and council staff for their work to help ensure a strong and united city voice in these negotiations. And I thank Chris Hansen and his team for their commitment to crafting a fair deal that contains public benefits and protects existing jobs."
"I am excited the Sonics may be coming home and am looking forward to the increased revenue, jobs, investment and vibrancy that they will bring to Seattle Center and our surrounding neighborhoods during their stay here," said Seattle Center Director Robert Nellams.
McGinn said the agreement will increase revenue to the city.
The agreement with ArenaCo will guarantee the city at least $2 million in use fees annually. The city may also receive additional fees from ArenaCo from strong ticket sales, and an additional $750,000 would be paid to the city annually if a National Hockey League team is brought to Key Arena.