Seattle city officials and the Oak View Group are set to announce an agreement to renovate an arena at Seattle Center that will be privately financed, reports King 5.
The initial total cost of the project is estimated to be about $600 million.
A Memorandum of Understanding will be submitted to the Seattle City Council on Tuesday, which calls for construction on the new arena to start next year and be completed by 2020.
Oak View Group, based in Los Angeles, has committed $60 million to the plan, with $40 million going to a transportation mitigation around Seattle Center and the rest being set aside for a community fund.