SEATTLE (AP) — Seattle is moving ahead with efforts to renovate the aging city-owned KeyArena into a premier venue that could be ready for an NBA or NHL team within three years.

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 KeyArena, formerly the home of the NBA’s SuperSonics.

Oak View Group has been focused on acquiring an NHL franchise and turning KeyArena into a world-class NHL and concert facility with the potential of hosting an NBA team in the future.

The memorandum of understanding is the first step in a process that will include an environmental review and key supporting documents.

KeyArena, which opened its doors in 1962, was last renovated in 1995. It is currently home to WNBA’s Seattle Storm and hosts dozens of concerts and other events.

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