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Bennett: Seattle arena costs projected around $500 million

From Staff and Wire Reports Published: January 19, 2007
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/> Those taxes would be collected in King County and would require the approval of the King County Council and Executive. Bennett said he will ask the state legislature to authorize an extension of the one-half of one percent hotel, restaurant and rental car tax inside King County.

Bennett and his Oklahoma City-based ownership group, The Professional Basketball Club LLC, also will contribute an amount that has yet to be determined.

If a new arena in the Seattle area is not agreed upon by Oct. 31, 2007, Bennett and his group have the option to move the Sonics and WNBA Storm franchises, to Oklahoma City if they choose.

The PBC purchased the Sonics and Storm last July for $350 million.

Bennett has said the proposed arena would be similar to Denver's Pepsi Center, site of the next Democratic National Convention.

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