It is with great sadness that I inform you that the lobbyist that doesn't live in Seattle can no longer make sports facilities decisions for you.
The two opportunities the city could attempt to apply Ordinance Number 122357 ended in failure.
See, it does not matter that Key Arena as a property has depreciated to zero, because it has "lease" value that can be estimated.
The City of Seattle entered into an agreement in 2008 with AEG before signing the Storm lease where AEG paid the city $1.8 million dollars the first year, then $2 million a year following (not zero).
Chris Van Dyk worked with the Storm and "believed" Key Arena was worth zero, so he gives the Storm lease "his" approval (KJR 950, 2012).
He's wrong in his assumption.
Have a great day,
Sent from my iPhone (yes, I really did type this on my iPhone)
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A. Redevelopment Impacts
The City will keep WBCOS reasonably informed of the City's efforts to redevelop KeyArena or have an NBA or NHL team as a tenant at KeyArena. The parties acknowledge that it is not feasible to redevelop KeyArena without impact on WBCOS, including some potential negative impacts; however, in the event of redevelopment, the City will use its best efforts to minimize negative financial and operational impacts of renovation and construction projects on WBCOS, subject to the City's other financial and policy considerations. The parties recognize that a redeveloped KeyArena and additional tenants can be beneficial to both parties, and share the goal of a successful long-term tenancy for WBCOS.
B. Comparable Premises After Any Redevelopment
Should any significant alteration or redevelopment diminish the City's ability to provide a portion of the Premises provided to WBCOS herein, upon completion of the alteration or redevelopment, the City shall provide the WBCOS a portion of the renovated premises with equivalent operational value.