File #: 2012-0202    Version:
Type: Ordinance Status: Passed
File created: 5/29/2012 In control: Budget and Fiscal Management Committee
On agenda: 7/30/2012 Final action: 7/30/2012
Enactment date: 8/15/2012 Enactment #: 17395
Title: AN ORDINANCE related to a new multi-purpose sports and entertainment facility authorizing the King County executive to execute a memorandum of understanding with the city of Seattle and ArenaCo and to execute an interlocal agreement with the city.
Sponsors: Joe McDermott
Indexes: Interlocal Agreement, Seattle, City of, Sports, Stadium
Attachments: 1. Ordinance 17395.pdf, 2. A. Interlocal Agreement, 3. B. Memorandum of Understanding, 4. 2012-0202 Fiscal Note.xls, 5. 2012-0202 Summary and Key Terms.doc, 6. 2012-0202 transmittal letter.doc, 7. 2012-0202 Arena Proposal staff report with attachments(6-5-12) .pdf, 8. 2012-0202 Arena Proposal staff report with attachments(6-5-12) .pdf, 9. 0621-City TransportationArenaKingCounty.pptx, 10. 2012-0202 Arena Proposal - Transportation 06212012 SR-final.docx, 11. 2012-0202 Arena 7-17-2012 SR wsh jr mlm, 12. Public Hearing Info 7-19-12.xlsx, 13. A. Interlocal Agreement, dated July 30, 2012, 14. B. Memorandum of Understanding, dated July 30, 2012, 15. 17395 Amendment S2 - 7-30-12.pdf, 16. 17395 Amendment Package 7-30-12.pdf, 17. 2012-0202 Staff Report (7-17-12).pdf, 18. 2012-0202 Staff Report (6-28-12).pdf, 19. 2012-0202 Staff Report (5-29-12).pdf, 20. 2012-0202-Attachment 5 (5-29-12).pdf, 21. 2012-0202 - Attachment 6 (5-29-12).pdf
Staff: Soo Hoo, Wendy
Drafter
Clerk 7/31/2012
Title
AN ORDINANCE related to a new multi-purpose sports and entertainment facility authorizing the King County executive to execute a memorandum of understanding with the city of Seattle and ArenaCo and to execute an interlocal agreement with the city.
Body
STATEMENT OF FACTS:
1. WSA Properties III, a Delaware limited liability company, ("ArenaCo") approached the city and the county with a proposal for the two governments to participate in the development and ownership of a multipurpose sports and entertainment facility ("arena") located in Seattle.
2. The city and the county formed an advisory panel to review the proposal.
3. Having considered the recommendations of the advisory panel, the city and the county have collaborated and negotiated with ArenaCo to develop a structure for eventual public ownership of a new arena.
4. The structure includes the addition of National Basketball Association and National Hockey League teams to Seattle to play in the arena.
5. The addition of professional basketball and hockey will contribute to the social and economic environment of Seattle and King County by, among other things, creating jobs, and by supporting a wide variety of businesses that generate annual earnings and sales, property and business and occupation tax revenues.
6. The agreement described in the Memorandum of Understanding -Seattle Sports and Entertainment Facility provides the city and the county with satisfactory security for the public investment.
7. The city and the county will not be responsible for costs or any cost overruns for construction of the arena.
8. City and county investment will only occur once certain conditions precedent are met, including environmental review and permitting, financing and team acquisition for the arena.
9. The city and the county have negotiated an interlocal agreement that describes and defines the mutual endeavor of pursuing public ownership of the arena.
10. Through the interloca...

Click here for full text