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The City of Seattle and the Oak View Group (OVG) today announced the signing of the Memorandum of Understanding for the privately financed redevelopment of KeyArena at Seattle Center.

The MOU provides an agreed-upon framework for OVG to construct, operate, and maintain a redeveloped arena nearly double the size of KeyArena. It anticipates a 39-year lease with two eight-year renewal options for a total of up to 55 years. The arena will also be designed to preserve the current and historic roofline, and meet LEED Gold or equivalent standards. The City and OVG will next work to memorialize the MOU terms into a Development Agreement, Lease Agreement, Seattle Center Integration Agreement, and other related transaction documents.