File #: 2012-0388    Version:
Type: Ordinance Status: Passed
File created: 9/24/2012 In control: Budget and Fiscal Management Committee
On agenda: Final action: 10/15/2012
Enactment date: 10/16/2012 Enactment #: 17433
Title: AN ORDINANCE related to a new multipurpose 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; and repealing Ordinance 17395, Section 1, Ordinance 17395, Section 2, and Ordinance 17395, Section 3.
Sponsors: Joe McDermott
Attachments: 1. Ordinance 17433.pdf, 2. A. Interlocal Agreement, 3. B. Memorandum of Understanding, 4. 2012-0388 Arena 10-2-2012 SR wsh pr.docx, 5. 2012-0388 ATTACHMENT 2 ILA county city compare 9 24 12.docx, 6. 2012-0388 ATTACHMENT 3 MOU County City compare 9 24 12.docx, 7. A. Interlocal Agreement Arena, dated October 8, 2012, 8. B. Memorandum of Understanding Seattle Sports and Entertainment Facility, dated October 8, 2012, 9. 2012-0388 REVISED Staff Report Arena 10-9-2012 wsh pr.docx, 10. A. Interlocal Agreement Arena, dated October 8, 2012, 11. B. Memorandum of Understanding Seattle Sports and Entertainment Facility, dated October 8, 2012, 12. 2012-0388 Staff Report Arena 10-9-2012 SR wsh pr.docx, 13. 2012-0388 SR Attachment 3 REDLINE MOU final 9 24 12 KC Council Draft Edits 10-8-12.docx, 14. 2012-0388 SR Attachment 4 REDLINE ILA 9 24 12 KC Council Draft Edits 10-8-12.docx
Title
AN ORDINANCE related to a new multipurpose 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; and repealing Ordinance 17395, Section 1, Ordinance 17395, Section 2, and Ordinance 17395, Section 3.
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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 ("the 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...

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