Seattle Rumors

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Chris Hansen, Erik Nordstrom, Pete Nordstrom, Wally Walker: “In a letter to the Mayor and King County Executive — both of whom share our goal of bringing the Sonics and NHL back to Seattle — we described the steps we are willing to take to move the Arena project forward. First, we will direct contributions to a package of additional SODO traffic improvements, which will improve freight mobility through the area. Second, we agreed to commit future payment of compensation for the vacated street to the city’s financing package for the Lander Street Overpass, thereby helping to close the funding gap for that important project. Finally, we have agreed to revising the street vacation petition to eliminate public financing of the Arena. Terminating the MOU would allow the city and county to recoup the $200 million in debt capacity and free-up Arena tax-generated revenue streams. To make this all possible we have asked for approval of a revised conditional street vacation, a waiver of the city’s admissions tax, which has been granted for the other sports venues in Seattle, and an adjustment of the city’s B&O tax for revenue generated out of town.”
Storyline: Seattle Team?