Per the MOU(Memo of Understanding) b/w City, County and ArenaCo/Chris Hansen:
http://www.sonicsarena.com/info/seat...action-details
Quote:
Prior to any public financing the following conditions must be met:
Acquisition of NBA franchise and NBA acknowledgement of the Arena lease and non-relocation agreement in place.
Successful completion of all land use processes, environmental reviews and permit acquisition.
Construction financing secured and Arena and NBA Team domiciled in Seattle for tax purposes.
|