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Tue October 16, 2012
Legislation signed on new Seattle arena deal
King County Executive Dow Constantine and Seattle Mayor Mike McGinn have signed legislation on the funding plan for construction of an arena that could be used to lure the NBA back to Seattle.
The executives signed the deal on Tuesday after a negotiated memorandum of understanding between the city, county and investor Chris Hansen was approved by the city and county councils a day earlier.
The plan calls for a $490 million arena built in the area where Safeco Field and CenturyLink Field are located, with $200 million coming in public financing. The arena plan is still subject to environmental reviews.
At the signing, Hansen said there is still a lot of hard work to be done.