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Memorandum Of Understanding released by city, county, and developer

The MOU is here.

The proposed interlocal agreement is here.

The letter from the city and county executives to their respective city councils is here.

The public investment — capped at $200 million in bonds, to be repaid through arena taxes and revenues — would be limited to $120 million if just an NBA team is secured first. The remainder would be added once an NHL team signs on, officials said.

Once both teams are secured, the city’s investment would be $120 million, and the county’s $80 million. Until an NHL team signs on, the city’s obligation would be $115 million and the county’s would be $5 million, because the city would receive more of the revenue.

A proposed Interlocal Agreement also was sent to both councils today.

ArenaCo, the investment group led by Hansen, would pay construction costs and overruns. And construction wouldn’t begin until an NBA team was secured with a 30-year non-relocation agreement. Hansen and his yet-to-be-named investors would contribute up to $290 million, and buy an NBA team.

The Seattle Times report is here.