[News] Seattle arena to be 100% private funded

[sureLoss]

Significant development in Seattle's arena saga

http://www.seattletimes.com/sports/n...ticle_left_1.1

The saga of a proposed arena project for Sodo District took a dramatic twist Tuesday with entrepreneur Chris Hansen now saying he’s prepared to do an all-private proposal.

Hansen’s project had been in limbo since May, when the Seattle City Council turned down his request to vacate a part of Occidental Avenue S., so the land could be used for the facility. A funding deal between Hansen, the city and King County called for up to $200 million in municipal-bond funding for the project if an NBA franchise was first obtained.


But now, with the all-private proposal, that money no longer would be in play. In return, Hansen, who also says he’ll kick in money for an overpass that would potentially ease Sodo traffic congestion, says he wants the city to give up the portion of Occidental needed for arena construction to begin.

“The goal of this partnership was to build the arena and bring an NBA team to Seattle,’’ states the letter, signed by Hansen and his partners, Wally Walker and Peter and Erik Nordstrom. “Public financing was simply a mechanism that made that possible at the time. We have concluded that a changed economic climate makes possible the private financing of the arena.”

[djsFlames]

Take notes, Calgary Sports and Entertainment Corp.

[mdubz]

Originally Posted by sureLoss

Significant development in Seattle's arena saga

http://www.seattletimes.com/sports/n...ticle_left_1.1

Chris Hansen?

[lazypucker]

Originally Posted by djsFlames

Take notes, Calgary Sports and Entertainment Corp.

Originally Posted by sureLoss

....Public financing was simply a mechanism that made that possible at the time. We have concluded that a changed economic climate makes possible the private financing of the arena....

"Good luck," says Murray Edwards.

[Senator Clay Davis]

Still need an NBA team first before they build the arena. Expansion seems inevitable but so far the owners are resisting, so this could still be a while before it gets done.

[DJones]

So they're being given free uncontaminated land as part of the deal and just building an arena?

The arena part of Calgary Next is more than paid for privately. It's the land and the sports complex that are the expensive part.

[Cappy]

Originally Posted by DJones

So they're being given free uncontaminated land as part of the deal and just building an arena?

The arena part of Calgary Next is more than paid for privately. It's the land and the sports complex that are the expensive part.

Hence Plan "B"

[DJones]

Originally Posted by Cappy

Hence Plan "B"

Balzac would make me so happy haha

[cam_wmh]

Originally Posted by DJones

Balzac would make me so happy haha

Oilers have a better chance of winning the cup.

[nik-]

Originally Posted by DJones

So they're being given free uncontaminated land as part of the deal and just building an arena?

The arena part of Calgary Next is more than paid for privately. It's the land and the sports complex that are the expensive part.

"more than paid for" ??

200 million and then a huge loan from the city with a ticket tax apparently paying it back isn't "more than paid for"

Perhaps they should just more than pay for it in another location and not force the city to cough up a billion plus while at the same time sucking potential tax revenues from the location they are so graciously allowing us to revitalize.

[Jay Random]

Originally Posted by nik-

"more than paid for" ??

200 million and then a huge loan from the city with a ticket tax apparently paying it back isn't "more than paid for"

It isn't a loan from the city. It's a loan taken out by CSEC and amortized by the ticket levy, with the city co-signing to obtain better terms.

But never mind. You're determined to spin it as a total loss, so spin away.

[nik-]

Well people shouldn't present it as "more than paid for"

That's just a straight out lie. So who's spinning?

[Robbob]

Originally Posted by nik-

"more than paid for" ??

200 million and then a huge loan from the city with a ticket tax apparently paying it back isn't "more than paid for"

Perhaps they should just more than pay for it in another location and not force the city to cough up a billion plus while at the same time sucking potential tax revenues from the location they are so graciously allowing us to revitalize.

I think the numbers have shifted a bit. It was posted in the Calgary Next thread but King commented that the Owners have committed more than the 200M. I forget the actual amount (Want to say 350M) so they either increasing the share or covering a significant portion of the loan for the ticket tax.

[Jay Random]

Originally Posted by nik-

Well people shouldn't present it as "more than paid for"

That's just a straight out lie. So who's spinning?

The arena by itself would cost $450 million. The owners were going to put up $200 million, the ticket tax would pay off the loan for the remaining $250 million.

So yeah, you caught somebody, Tex. (Not me; I'm not the one who said ‘more than paid for’.) It's not more than paid for. It's exactly paid for.

Now you may resume hyperventilating about an alleged billion dollars in public funding that nobody has asked for. It's cute when you call other people liars while doing it.

[Flash Walken]

Originally Posted by nik-

Well people shouldn't present it as "more than paid for"

That's just a straight out lie. So who's spinning?

Brett Wilson's talking points are starting to take hold.

Propaganda is amazing.

[Jay Random]

Originally Posted by Flash Walken

Brett Wilson's talking points are starting to take hold.

Propaganda is amazing.

I never heard of Brett Wilson until you mentioned him just now. I'm just going off the terms of the original proposal as announced to the public.

[flamesforcup]

In a province where ppl are struggling to pay rent or eat the government shouldnt be giving out millions of dollars to billionares like they gave to the oilers. Disgusting

[DJones]

So sorry haha, I'll retract that more than paid for to just paid for.

[nik-]

Originally Posted by DJones

So sorry haha, I'll retract that more than paid for to just paid for.

Paid for if you ignore the majority of the project cost.

[Since1984]

Originally Posted by nik-

Paid for if you ignore the majority of the project cost.

No No, he is talking strictly about the Arena, not CalgaryNext. CSEC has more than enough money to build a brand new state of the art facility on land they already own. Majority of the money they are asking for through taxes, levies and and the works is to finance the connected fieldhouse while adding to what they can already afford for the new arena.