The Seattle City Council has reached a tentative agreement to build a $490 million basketball and hockey arena south of downtown, according to local reports.
The city’s contribution to the project could be as high as $145 million, according to the Seattle Times.
The report on Monday said the preliminary agreement strengthens protections for taxpayers in the event of default or bankruptcy by arena operations.
The City Council is expected to vote on the agreement by the end of the month, according to the newspaper.
An initial deal announced in February called for up to $200 million of public financing to be repaid by taxes gained from arena operations and rent from teams.
Seattle has been without a National Basketball Association team since the Sonics moved to Oklahoma City four years ago.
Developer Chris Hansen is pursuing the project in an effort to bring a new NBA franchise to Seattle. The arena project could also accommodate a National Hockey League team.
