SEATTLE—A new lawsuit has been filed against the planned professional basketball and hockey arena in Seattle's Sodo neighborhood, says the Seattle Times.
The suit, alleges the funding arrangement--calling for $200 million in public money to be repaid through arena revenue--violates the terms of Initiative 91. The measure, approved by Seattle voters in 2006, requires that the city make a profit on any investment in a sports facility.
The plan, the lawsuit says, “lacks fair value” because most of the sums to be repaid represent unsecured future cash revenue or interest repayment that is not allowed under the initiative.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
