Wednesday, May 16

BREAKING NEWS: (Another) Arena Press Conference this morning

Invester/Savior Chris Hansen meets Seattle's last three Sonics fans. (Photo: Joshua Trujillo/seattlepi.com)

Only in Seattle could there be this much excitement about a "memorandum of understanding". (And only in Seattle could there BE something called a "memorandum of understanding"--way to commit, guys!)


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.

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.
 According to KING 5 the press conference will be at 10:30 this morning.

2 comments:

Paul Merrill said...

I forgot how much I hate sports radio. STOP YELLING AT ME!!

mcwalter44 said...

This whole Arena courtship is like two awkward 20-somethings trying to figure out if they're in love. Once we get past the initial infatuation of building the darn thing and getting the Supes back we're now left with half hearted Memorandums Of Understanding to define the situation we're in. Come on Seattle just commit to bring back the Sonics already... That or fine another sports franchise to to date.