According to Chris Daniels of King-5 News, an official Memorandum of Understanding is expected to be released, and will be announced by King County Executive Dow Constantine and Seattle Mayor Mike McGinn in conjunction with Arena investor Christopher Hansen. The M.O.U. will give Hansen the authorization from the city and county to get the ball rolling for his arena deal proposal. Per Daniels:
The formal document, if approved by both the Seattle City, and King County Council, would give investor Chris Hansen the go-ahead to begin preliminary work on his proposal for a new sports arena in the SoDo neighborhood. The key component is an "interlocal agreement" that will lay out how much the city and county would have to commit in bond capacity for the project. A preliminary term sheet called for that number to be capped at $200 million, and be repaid through revenues generated by the arena.
According to Daniels' sources, unless talks break down Tuesday night between parties, the announcement will be made Wednesday at 10:30am.