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Thursday, May 18, 2006
Initiative on revamp of KeyArena filed
A citizens group filed an initiative Wednesday to prevent Seattle Sonics owners from making off with the spoils of the KeyArena renovation they seek.
If any such renovation is funded with tax dollars, the measure would require that the city turn a profit on par with that of a 30-year U.S. Treasury bond.
The current return on such notes is about 7 percent a year -- or more than $15 million a year for the $220 million KeyArena renovation that Sonic owners have demanded, said Chris Van Dyk, co-chairman of Citizens for More Important Things.
The City Clerk's Office will review the ballot proposal. Once the city's law office approves the language, the citizens group and a local union supporting the measure will try to collect about 25,000 petition signatures needed to qualify.
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