Seattle Partners—a collaboration between AEG, the world’s leading owner, developer and operator of sports and entertainment venues, and Hudson Pacific Properties, a premier, publicly traded real estate investment, development and operating company specializing in design-forward, next-generation spaces—have submitted a proposal to the City of Seattle to renovate KeyArena to create the Seattle Coliseum, a state-of-the-art sports and entertainment arena that is integrated into the neighborhood, responsive to the needs of all Seattleites, and to further enhance the vibrancy of Seattle Center.

The Seattle Coliseum will be built to attract and accommodate future NBA and NHL teams.

Seattle Partners invite you to visit their website – SeattleColiseum.com – to review initial design concepts of their proposal for the Seattle Coliseum and stay up-to-date on the public review process. Seattle Partners may also be followed on Twitter @SeattleColiseum and on Facebook at Facebook.com/SeattleColiseum.

Public benefits to the City of Seattle of the Seattle Partners proposal:

• No risk to taxpayers
• No new tax assessments or tax exemptions
• Estimated $144 million in surplus arena revenues to city government over course of the proposed lease
• Projected $3 billion in tax revenues over course of the project
• City retains ownership of state-of-the-art facility

Both AEG and Hudson Pacific Properties have strong ties to Seattle. Each company currently operates in Seattle and has strong records of success in our community. AEG has been in Seattle for over a decade, successfully servicing events at KeyArena and overseeing Bumbershoot, the Marymoor Park concert series and the Showbox theaters. AEG also has outstanding relationships with Seattle Center. To date Hudson Pacific Properties has invested approximately $750 million in Seattle and currently owns and operates 1.5 million square feet of real estate in the market.

At AEG, their industry-leading experience includes operations at over 120 venues on five continents, ownership of 16 professional sports franchises—including ownership of the NHL’s Los Angeles Kings and management of privately held ownership shares of the NBA’s Los Angeles Lakers.

Key members of Seattle Partners’ project vision and delivery, many with deep Seattle roots, include: Sellen, Nelson/Nygaard, Gensler, Rosetti, AECOM-Hunt, Seattle Structural and Nyhus Communications.

Seattle Partners proposes a partnership with the City that places 100 percent of all financing risk and guarantees on the private sector. The proposal is also structured to generate significant excess revenues to the City. Three revenue sources from the arena itself – fully guaranteed by Seattle Partners – will be dedicated to finance bonding capacity, meaning there is no risk to the City and no up-front City cost. In addition, an independent financial analysis projects that there will be surplus from these revenues generated by the arena of $144 million over the course of the lease. That surplus goes straight to the City.

There are no new taxes or requests for existing public capital. Seattle Partners is also not asking for any tax exemptions to help finance their proposal.

Your support matters.

Public service journalism is important today as ever. If you get something from our coverage, please consider making a donation to support our work. Thanks for reading our stuff.