Price tag for new Seattle arena now around $700 million

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Steps lead down to the east entrance of KeyArena, a sports and entertainment venue at the Seattle Center, Monday, Dec. 4, 2017, in Seattle. The Seattle City Council on Monday approved a memorandum of understanding with Los Angeles-based Oak View Group in a $600 million privately financed project to renovate the facility, formerly the home of the NBA's SuperSonics. Photo: Associated Press/Elaine Thompson

SEATTLE (AP) — The cost of the extensive renovation to make Seattle’s KeyArena ready for a potential NHL team has risen to about $700 million.

The new price tag was presented as part of a Seattle City Council committee presentation Thursday. When the memorandum of understanding was signed between the city and Oak View Group last December, the cost of the renovation was expected to be roughly $600 million. OVG is privately financing the renovation in the hope the new building will attract an NHL expansion franchise. City officials working with OVG say the group will be able to handle the additional cost.

OVG is hoping to be able to start construction on the project in October with an ambitious timeline of having the building completed by October 2020. The committee presentation showed a tentative timeline with the last public event for the building scheduled for Oct. 5 when the Golden State Warriors and Sacramento Kings meeting in a preseason NBA game, and the building being handed over to OVG on Oct. 15.

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