The memorandum of understanding announced Wednesday now goes before the City Council and King County Council for approval.
The agreement adds a new wrinkle to an original proposal in that an NHL team is no longer needed to start construction. Only an NBA team, with a non-relocation agreement signed, is needed to begin construction on the proposed 18,500-seat facility.
The city/county investment in the project would be capped at $200 million if both an NBA and NHL team are acquired and would be capped at $120 million if it's only an NBA team. The agreement calls for $290 million in private investment.
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