The Arena Advisory Panel said today that San Francisco hedge-fund manager Chris Hansen’s Sodo arena proposal is favorable, has promise and protects Seattle and King County from financial risks.
At a news conference shortly before the panel’s fourth and final meeting, members discussed the panel’s report, which they said is in final draft stage and will be able to be viewed online after tonight’s meeting.
“We believe that it is a solid proposal that is worth taking forward for further study and input,” said Jan Drago, adding that a lot of negotiation, hurdles and due diligence remain in the process.
Earlier this week, the Port of Seattle and the Seattle Mariners sent letters arguing against the Sodo location, citing traffic and other concerns.
Hansen proposes making a $290 million private investment in a $490 million new arena in Sodo, as well as purchasing an NBA team and securing an NHL team for the arena.
The panel’s final public meeting begins at 5 p.m. in the Bertha Knight Landes Room at City Hall, 600 4th Avenue.