Hansen May Privately Fund Seattle Arena

In addition, Hansen’s group will contribute to a transportation project near the proposed arena in order to help contend with freight traffic at the Port of Seattle, according to a letter to Mayor Ed Murray, Seattle City Council and King County Executive Dow Constantine Oct. 25.

The previous deal, as outlined in the MOU, called for up to $200 million in public investment and required the group to land an NBA team for the arena, which would be built on land Hansen already owns. By terminating the MOU, Hansen and his group, which includes former Seattle SuperSonics president and minority owner Wally Walker and members of the Nordstrom family, can also look to the NHL or move forward without an anchor sports team at all.

“We have concluded that a changed economic climate makes possible the private financing of the arena,” the letter reads. “For that reason, and to address concerns expressed by city council members, we would consider revising the street vacation petition to eliminate public financing of the arena. In such a case the MOU would be terminated and the rights and obligations of the parties under the MOU would end.”