The Associated Press
SEATTLE — A San Francisco businessman has unveiled a proposal to pay for a new sports arena in Seattle, plus the cost of acquiring an NBA franchise to be the anchor tenant for the facility.
Christopher Hansen’s proposal, which includes $290 million in private investments, was unveiled this afternoon at Seattle City Hall.
According to a letter submitted by the Seattle native to the city, the remaining construction and development costs would be financed by the city and King County. That money would come from taxes and revenues generated by the new facility and rent charged to the teams playing in the arena. City officials are adamant that there will be no new public taxes needed for the building.
