Seattle Arena Talk - Update in #898 Hansen talks private financing

[gstommylee]

Sodo arena back in the hands of Seattle City council for Street vacation.

http://www.king5.com/story/news/loc...eet-sodo-arena/76587682/?utm_source=hootsuite

http://assets.documentcloud.org/documents/2630079/occidental-ave-s-arena-final-recommendation-v8.pdf

Key point as to why Port of seattle claim is ridiculous

In response to concerns from Geri Poor at the Port of Seattle, the letter reads: "It should also be noted that the Heavy Haul Route legislation, passed (by the council) in October 2015, only identifies Occidental Avenue South as a "Heavy Haul Route" from South Horton Street to South Holgate Street. The segment proposed to be vacated is not included in the Port's important Heavy Haul Network. This is a clear sign that Occidental is not necessary to freight movement or Port Operations."

south holgate and south horton is section of Occidental is south of the arena.

This has no impact what so ever on expansion. But if street vacation is approved, hansen gets the master use permit thus we may see Coleman come back and make a push for a NHL first. This will make Seattle a potential relocation destination for the time being if a NHL first plan can happen.

Click to read more...

 

[Fugu]

Thanks for keeping us up-to-date, gstl.

I'd be interested to hear what Hansen has to say and if he's had any communication with the NBA about expansion.

 

[gstommylee]

Thanks for keeping us up-to-date, gstl.

I'd be interested to hear what Hansen has to say and if he's had any communication with the NBA about expansion.

Getting the street vacation taken care off is also Key for getting the NBA back. NBA has been waiting for Seattle to get their own house in order.

I think we should for the time being until NHL says other wise in regards to Seattle being a NHL expansion possibility that we should treat Seattle as relocation destination only. So focus should remain on what team could relocate to seattle.

 

[Llama19]

Getting the street vacation taken care off is also Key for getting the NBA back. NBA has been waiting for Seattle to get their own house in order.

I think we should for the time being until NHL says other wise in regards to Seattle being a NHL expansion possibility that we should treat Seattle as relocation destination only. So focus should remain on what team could relocate to seattle.

Why, I cannot think of a single, solitary franchise that fits that description...

 

[gstommylee]

SDOT comment to port of Seattle was the biggest smack I seen on this entire issue.

 

[j1012]

timeline .... 4 years to get to this point and still more to go:

http://www.sonicsrising.com/2015/11...t-vacation-vote-seattle-sodo-arena-chronology

 

[j1012]

and Geoff Baker's article:

http://www.seattletimes.com/sports/...on-of-street-for-possible-nba-nhl-sodo-arena/

 

[powerstuck]

Getting the street vacation taken care off is also Key for getting the NBA back. NBA has been waiting for Seattle to get their own house in order.

I think we should for the time being until NHL says other wise in regards to Seattle being a NHL expansion possibility that we should treat Seattle as relocation destination only. So focus should remain on what team could relocate to seattle.

Funny you say that because NHL is also waiting on Seattle to get their stuff sorted out.

 

[gstommylee]

Funny you say that because NHL is also waiting on Seattle to get their stuff sorted out.

But here's the issue only a NBA group has come forward with an actually funding plan. There has been no NHL group to date that did exactly that.

NHL will not get a free arena out of this if they expect it should be built for just hockey.

 

[GuelphStormer]

But here's the issue only a NBA group has come forward with an actually funding plan. There has been no NHL group to date that did exactly that.

NHL will not get a free arena out of this if they expect it should be built for just hockey.

is anyone even suggesting that?

 

[powerstuck]

But here's the issue only a NBA group has come forward with an actually funding plan. There has been no NHL group to date that did exactly that.

NHL will not get a free arena out of this if they expect it should be built for just hockey.

Worst scenario is Hansen building a basketball arena like in Brooklyn.

 

[Llama19]

Worst scenario is Hansen building a basketball arena like in Brooklyn.

Still need an NBA team first...

 

[gstommylee]

Worst scenario is Hansen building a basketball arena like in Brooklyn.

Sodo arena is not going to be another Brooklyn arena.

It will be design to house both sports. There are even renderings of what it could look like in Hockey configuration on the arena's website.

 

[j1012]

Union's response:

 

[gstommylee]

Union's response:

What an pathetic response from the ILWU. Tax payers are not paying for the arena. Everyone knows that and the ILWU refuses to acknowledge that. They also refuse to acknowledge that hansen agreed to help improve Key arena post construction of sodo arena.

So we should just kill sodo arena cause we aren't getting a NBA team or cause there is no NHL first provision. Having no shovel ready arena will get us exactly nothing which ILWU also ignores.

Key arena is not a viable location. Never has been never will be.

So far no one has appeared willing to pay for a Key arena remodel with all 100% private funds and even then city of Seattle can't enter into another agreement as long as the MOU exists.

 

[GuelphStormer]

What an pathetic response from the ILWU. Tax payers are not paying for the arena. Everyone knows that and the ILWU refuses to acknowledge that. They also refuse to acknowledge that hansen agreed to help improve Key arena post construction of sodo arena.

So we should just kill sodo arena cause we aren't getting a NBA team or cause there is no NHL first provision. Having no shovel ready arena will get us exactly nothing which ILWU also ignores.

Key arena is not a viable location. Never has been never will be.

So far no one has appeared willing to pay for a Key arena remodel with all 100% private funds and even then city of Seattle can't enter into another agreement as long as the MOU exists.

sorry, im confused, who is paying for the arena then?

 

[gstommylee]

sorry, im confused, who is paying for the arena then?

Revenue generated by the arena. Basically those that go to the events are paying for it. If the arena is not built then the public financing does not exist.

Everyone that is against the arena is calling it a large public subsidy.

The reason why the increase of opposing of the arena, cause everyone knows the street vacation will get approved.

Whats funny about the comment from the ILWU's lawyer that Politicians that want to be reelected won't support the arena. Well looking at the current results of the election there is more than 5 people that got elected/relected that support the arena.

 

[j1012]

sorry, im confused, who is paying for the arena then?

Max: 200 million bonds by public

from Seattle arena website:

http://www.sonicsarena.com/info/sonics-arena-faq

Some argue that this $200 million in bonding could be better spent on roads or schools.
The $200 million participation by the City and County will be fully repaid by tax revenues which would not exist but for the Arena. So it is inaccurate to compare investment in the Arena with conventional public spending. After accounting for incremental/ancillary taxes the Arena will generate, the City and County’s tax revenue should increase well beyond the investor guaranteed debt service on the bonds. All things being equal, we believe this should result in the City’s borrowing capacity increasing in time -- which again would not be the case with most conventional public spending.

 

[GuelphStormer]

Max: 200 million bonds by public

from Seattle arena website:

http://www.sonicsarena.com/info/sonics-arena-faq

thanks.

Some argue that this $200 million in bonding could be better spent on roads or schools.
The $200 million participation by the City and County will be fully repaid by tax revenues which would not exist but for the Arena. So it is inaccurate to compare investment in the Arena with conventional public spending. After accounting for incremental/ancillary taxes the Arena will generate, the City and County’s tax revenue should increase well beyond the investor guaranteed debt service on the bonds. All things being equal, we believe this should result in the City’s borrowing capacity increasing in time -- which again would not be the case with most conventional public spending.

it's those words "should" and "believe" that would give me pause ... but im sure sodo arena will be much different from every other arena financed the same way. it's all been moving along so flawlessly so far, i mean, what could possibly go wrong after the city spends upwards of $200M plus interest?

 

[Llama19]

Max: 200 million bonds by public

from Seattle arena website:

http://www.sonicsarena.com/info/sonics-arena-faq

Quote:
Some argue that this $200 million in bonding could be better spent on roads or schools.
The $200 million participation by the City and County will be fully repaid by tax revenues which would not exist but for the Arena. So it is inaccurate to compare investment in the Arena with conventional public spending. After accounting for incremental/ancillary taxes the Arena will generate, the City and County’s tax revenue should increase well beyond the investor guaranteed debt service on the bonds. All things being equal, we believe this should result in the City’s borrowing capacity increasing in time -- which again would not be the case with most conventional public spending.

Glendale thought that the same thing would happen with 'subsidizing' the Coyotes, too...

thanks.

it's those words "should" and "believe" that would give me pause ... but im sure sodo arena will be much different from every other arena financed the same way. it's all been moving along so flawlessly so far, i mean, what could possibly go wrong after the city spends upwards of $200M plus interest?

Shoulda, woulda, coulda...gets you nada...

 

[The Feckless Puck]

Glendale thought that the same thing would happen with 'subsidizing' the Coyotes, too...

Ssshhhhhh... Glendale is nothing at all like SoDo, haven't you heard?

 

[Confucius]

Revenue generated by the arena. Basically those that go to the events are paying for it. If the arena is not built then the public financing does not exist.

Everyone that is against the arena is calling it a large public subsidy.

The reason why the increase of opposing of the arena, cause everyone knows the street vacation will get approved.

Whats funny about the comment from the ILWU's lawyer that Politicians that want to be reelected won't support the arena. Well looking at the current results of the election there is more than 5 people that got elected/relected that support the arena.

It's easy to say, revenue generated by the arena will pay for itself. Who is going to front the money until the arena begins generated cash? Or are the architects construction people etc be willing to wait for their money?

 

[j1012]

It's easy to say, revenue generated by the arena will pay for itself. Who is going to front the money until the arena begins generated cash? Or are the architects construction people etc be willing to wait for their money?

Hansen and his investors. Arena will cost 500 m +

 

[Dolemite]

Worst scenario is Hansen building a basketball arena like in Brooklyn.

That's not going to happen because that's what Key Arena's current configuration is like.

What an pathetic response from the ILWU. Tax payers are not paying for the arena. Everyone knows that and the ILWU refuses to acknowledge that. They also refuse to acknowledge that hansen agreed to help improve Key arena post construction of sodo arena.

No but Tax Payers did for Safeco and the Clink.

Getting the street vacation taken care off is also Key for getting the NBA back. NBA has been waiting for Seattle to get their own house in order.

I think we should for the time being until NHL says other wise in regards to Seattle being a NHL expansion possibility that we should treat Seattle as relocation destination only. So focus should remain on what team could relocate to seattle.

Funny you say that because NHL is also waiting on Seattle to get their stuff sorted out.

The NBA and NHL are waiting for an arena deal to get done. Neither league is going to touch this with a ten foot pole until a deal is done.

 

[Confucius]

Hansen and his investors. Arena will cost 500 m +

Oh well by all means just build it then.