We are off to a great start, but we still have work to do. Make sure your friends and family understand how great this deal is for our region and ask them to show their support by signing this petition. Let the Seattle City Council know that the arena deal is important to all of us.
Mayor McGinn has published a useful document detailing key facts about the terms of the arena proposal:
1. $500 million in private investment
2. No new taxes will be required. The arena is self financed.
3. Only taxes generated from construction and operation will be used for the project. In other words, it is funded by revenue that only exists because of the arena.
4. The public will be protected by a contractual guarantee from the investment group, backed up by securities in a lockbox.
5. The teams will enter into a binding non-relocation agreement until the arena financing is fully repaid.