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@sonicsarena: Our proposal is now in the hands of 9 elected officials.

Meanwhile, in actual news. . .

@sonicsarena: Our proposal is now in the hands of 9 elected officials. Help combat misinformation about #SonicsArena. Contact them. http://t.co/oDNeJdRa

So, the MOU was re-negotiated (the mayor negotiated it once, the county council, too). Today is 8/10/2012, a milestone date.
Next up, the city lawyers and staffers, put into formal language, then the city council passes it.