by Curtis Crabtree
KJR reporter
Twitter: @Curtis_Crabtree

According to multiple reports a press conference is scheduled for Thursday to announce plans for a new multi-purpose arena facility in Seattle.

Chris Daniels of King 5 was the first to report a press conference had been scheduled for Thursday citing a source inside Seattle City Hall.

Steve Miletich and Lynn Thompson of the Seattle Times soon followed with a story with quotes from San Francisco hedge-fund manager Christopher Hansen that he is close to disclosing their offer to the city.

The Seattle Times is reporting the press conference is scheduled for 2 p.m at City Hall.

The announcement of an arena plan, theoretically backed by the City Council, would be a major step in hopes of another team returning to Seattle in the future. The general consensus is that both the NBA and NHL would be needed to make the arena financially viable.

In December, Hansen purchased a warehouse south of the Safeco Field parking garage in SoDo and Hansen has been in communication with mayor Mike McGinn about this proposal.

This appears to be the most complete effort to return an NBA team to the area since the Seattle Supersonics left following the 2007-08 season. Hopefully more will be known about the specifics of the deal and just how far along talks are to build and finance a new arena after the press conference tomorrow.

[Update: 12:30am Thursday by Kevin Shockey]

Mitch has been working hard to get as much information as possible. He has posted everything on his twitter account so make sure to follow him (@kjrmitch) so you don't miss anything in the future.

Here is everything he posted on Wednesday night regarding the Arena, Press Conference, Chris Hansen, and more:

 - Tomorrow is going to be a very good day for sports fans in the northwest who crave the return of the NBA!

 - An afternoon press conference at City Hall (2pm) that will be attended by the Mayor and King county executives.

 - From what I gather this evening, Chris Hansen is NOT planning on attending - although that could change between now and then

 - Hansen is (understandably) being VERY careful not to come off as someone who is insensitive towards stressful times in Sacramento, NO etc.

 - He did the Seattle Times piece (tomorrow's paper) so that people can put a face/bio with this 'mystery' man who has come along

 - But at this point, he would like to keep a very low profile at least until the Sacramento situation has played itself out

 - Don't want to steal the Mayor's thunder & say too much about the proposed deal that he'll unveil tomorrow but I, for one, think its a BEAUTY

 - Essentially Hansen is asking for taxes that will be generated by this $450 to $500M to go back into the building cost of the arena

 - Talking about admission taxes, property taxes etc generated by the building that the city/county wouldnt have if the building didn't exist.

 - ZERO cost to the taxpayer. I repeat ZERO cost to the taxpayer.

 - A GREAT stat: If this plan goes through, there will be more PRIVATE money invested in this arena (appr $280M) than in all but 2 in history!

 - Only Madison Square Garden remodel and The Staples Center would have more private money invested in them than the new Seattle Sports Complex

 - Join me tomorrow morning 6am to 10am - Lots more on what I would call a "giant first step" on the cobbled path to bringing the NBA back!!!

 - Lots of you are asking: Ballpark figures -- $280M from private money, appr $200M from the taxes generated by the building if it is built

 - Lets let the Mayor - who by all accounts has been absolutely TERRIFIC thus far - take it from here tomorrow at City Hall

 - Seattle Times reporting tonight: "final arrangements of the news conference were still being worked out Wednesday night...

 - Times (cont): "...without firm word on whether it will happen, said a City Hall source briefed on the plans."

 - Been asked by many if I now think this is going to happen? I am and will always be a pessimist for situations just like this one.

 - Just when I see something that looks fairly air tight, something goes wrong. Frankly, I'm worried about ourt favorite baseball team.

 - We really need Chuck Armstrong/Howard Lincoln to stand up and say what Lorenzo Romar said yesterday. "We can share."

 - I'm worried about the longshoremen and their potential protests. Both groups (M's/longshoremen) could possibly convince council to vote no.

 - So, I think tmorrw represents a great first step - the city, county & private sector coming together, saying here's a plan that benefits all

 - Good question; answer in next tweet RT @colbydub11 when does it get voted on? Do we have to wait a few months after proposed? Or what?

 - If Maloofs apply for relocation, they have to declare a specific destination. Not just "we want to move" - either Anaheim, Seattle, KC etc.

 - The only chance we have of them putting Seattle on that application is for council votes to happen in next 13 days. Mayor/council very aware