Tagged: Seattle arena

The Seattle City Council has approved a deal to build a new arena designed to lure the NBA back to town.

Seattle Mayor Mike McGinn has delivered a personal message to NBA Commissioner David Stern, saying the city is interested in having the league come back.

McGinn's spokesman Aaron Pickus said McGinn met with Stern in New York on Monday. A new ownership group took the Seattle Sonics to Oklahoma City in 2008. Now playing as the Thunder, Oklahoma City faces the Miami Heat when the NBA finals begin Tuesday.

Seattle Mayor Mike McGinn announced at a press conference this afternoon that the city has received a proposal to bring NBA and NHL back to Seattle. He said the new facility would be 'self-funded' but would include public money upfront.

McGinn said $200 million from city and county would be invested, but the funds would be paid back through rent and tax revenue generated at the new facility. He said guarantees for paying back the money would be in the agreement.

"The $200 million investment from the county and city would be repaid (from) revenue that would not otherwise exist," McGinn said.