SEATTLE — More details about the upcoming renovations of Seattle's Memorial Stadium were revealed in a term sheet from the parties involved that was reviewed by KING 5.
The term sheet, a collaboration between the City of Seattle, Seattle Public Schools (SPS) and the One Roof Stadium Partnership, lays out the new features of the stadium in the planned construction as well as a timeline and breakdown of where the funding for the project will come from. The One Roof Stadium Partnership consists of the Seattle Kraken, Climate Pledge Arena and the One Roof Foundation.
The projected capacity for the new stadium will be 8,000 people, with 6,500 expected seats and 1,500 "other capacity." The stadium, originally built 77 years ago, will now have modern upgrades like covered stands, a synthetic turf playing field and will be all-electric in compliance with city regulations.
The Memorial Wall, which was part of the original construction and honors students who lost their lives in World War I, will be "preserved and enhanced."
The public funding for the project is capped at about $110 million, with SPS responsible for $66.5 million and the City of Seattle responsible for $40 million. The remaining $3.95 million will come from the Washington State Department of Commerce, according to the term sheet.
The One Roof Partnership has already pledged $5 million and is leading a private fundraising campaign for the remaining costs.
The SPS will remain the owners of the stadium and it will be prioritized for student use, per the term sheet. One Roof will be responsible for all planning, design and construction and will operate the stadium for an initial term of five years.
The next steps on the project will be to negotiate implementation agreements this spring and submit the agreements to the SPS Board of Directors and Seattle City Council for approval.
