Seattle Mayor Jenny Durkan has inked an agreement with a private developer to renovate KeyArena so the venue could be ready for an NBA or NHL team.

Photo

Photo: AP Photo / Elaine Thompson

Oak View Group Inks With Seattle - Seattle Mayor Jenny Durkan pulls back her jacket to reveal a Seattle SuperSonics T-shirt as she speaks before signing an agreement to renovate KeyArena Dec. 6. Durkan signed a memo of understanding with Oak View Group CEO Tim Leiweke, right.

Durkan said at a news conference Wednesday that the deal with Los Angeles-based Oak View Group is the best path right now for Seattle to get an NHL team and bring back the SuperSonics.

OVG CEO Tim Leiweke says his group will work diligently to get Seattle a team to join the WNBA's Seattle Storm at KeyArena.

Under the memorandum of understanding signed Wednesday, OVG would privately finance a $600 million remodel of the aging arena. The deal includes $20 million in cash and in-kind contributions to nonprofit organizations and another $40 million for traffic improvements in the area.

Durkan says the deal protects Seattle taxpayers and is a good one for the city. She added that it doesn't block the path for others possible arena projects.

Disclosure: Oak View Group is the parent company of Pollstar.