KeyArena renovation group seeking at least $80 million in state sales tax deferrals
The Oak View Group, the Los Angeles-based company in charge of the extensive privately-funded KeyArena renovation set to bring the NHL to Seattle in 2021, is seeking $80 to $90 million in Washington state sales tax deferrals for the arena project, according to multiple reports.
OVG co-founder Tim Leiweke and executive VP Francesca Bodie were among the company's contingent to visit the state capitol in Olympia earlier this week in advance of a bill – sponsored by House Majority Leader Pat Sullivan (D) – that would, if confirmed, delay the start of tax repayment until January 2022, amid climbing costs for the renovation.
Leiweke explained Wednesday that the request is the last step in financing before construction hits high gear.
"This is just the final piece of trying to lock everything in," Leiweke told King 5. "The city will always continue to own the asset, so because of that, we had to sit down with the state and work through exactly how we're going to pay the sales tax on the project."
The OVG's request is not uncommon. The state has granted similar tax deferrals in the past for the construction of the Mariners' T-Mobile Park (formerly Safeco Field) and the Seahawks' CenturyLink Field. Other businesses like Boeing and Amazon have also benefited from them.
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