No Exclusivity: Let the NBA Decide

As expected, the Office of Economic Development (OED) released details of their draft agreement with the Oak View Group (OVG) this morning. The deal is a strong one, requiring OVG to invest approximately $600 million into the Seattle Center Facility and also to contribute an additional $40 million towards a traffic mitigation fund and $20 million to a community benefit fund. In addition, Oak View will pay a lease excise tax and voluntarily contribute to city arts and housing funds, which the facility would likely have been exempt from otherwise.

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