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Renton Expected To Be Named New Arena Site

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With Renton contributing the land at little or no cost, the cost of the project goes down from an estimated $500 million cost to $400 million.

The sources said the Bennett-led Professional Basketball Club would contribute $100 million, more than five times the amount than the team’s previous ownership group was going to contribute. That puts the cost needed to be covered by the state at about $300 million.

The Washington Restaurant Association said it would support leaving a 0.5 percent tax on restaurant bills in King County in place until 2015, which would raise an estimated $60 million toward a new arena, meaning the Sonics would have to convince the Legislature to raise an estimated $240 million.