Invester/Savior Chris Hansen meets Seattle's last three Sonics fans. (Photo: Joshua Trujillo/seattlepi.com)
From the Seattle Times:
Seattle Mayor Mike McGinn, County Executive Dow Constantine and hedge-fund manager Chris Hansen are scheduled this morning to announce details on two agreements between Seattle, King County and ArenaCo on financing a new, $490 million sports arena in Sodo.According to KING 5 the press conference will be at 10:30 this morning.
City and county officials met late Tuesday in McGinn's City Hall office to finalize what Sung Yang, Constantine's chief of staff, characterized as a memorandum of understanding (MOU) that would be sent to the councils.
Hansen and city and county leaders initially proposed a memorandum of understanding to detail how the city and county would issue the construction bonds and how the investment group, led by Hansen, would repay them. A MOU would be less binding than an ordinance and potentially less of a guarantee of taxpayer financial commitment.