SEATTLE (CelebrityAccess) –Los Angeles-based Oak View Group has reportedly reached a deal with the City of Seattle for a $600 million renovation of the KeyArena that would be complete by October 2020.
According to the Seattle Times, OVG would also commit $40 million to the project to improve traffic, transportation and parking infrastructure at the venue beyond any requirements stemming from a mandatory environmental impact review.
The deal would guarantee that Seattle continues to receive the same share of revenue that it currently derives from the arena, and also includes a plan for sharing new money generated by the 55-year-old facility after renovation, the Times reported.
Group co-founder and CEO Tim Leiweke told the Times that the agreement had been reached after a long period of negotiation with community stakeholders.
“Obviously, we’ve learned a lot,” Leiweke told the newspaper. “We’ve already made adjustments in some of our thinking. … And that was directly attributable to the feedback that we had not only from the mayor’s (advisory) commission but from the neighborhood groups themselves.”
The next step for the proposed renovation will come when the City Council considers the draft Memorandum of Understanding by Dec. 31st.