Sonics say they need at least $300 million for a new arena

The Sonics told Gov. Christine Gregoire this morning that any new arena would require at least $300 million in taxes authorized by the state.

In a letter given to Gregoire hours before Sonics officials were to appear before a state Senate committee, the owners explained that while they are still working on finding a location for a new arena -- as a replacement for KeyArena -- they estimate a new facility would cost $340 million to $360 million, not including costs for land, parking and other related construction. Those costs, according to the letter, would add $150 million to $170 million to the total cost.

Sites in Bellevue and Renton are among those Clay Bennett and the other owners of the Sonics and Storm have been looking at for arena sites.

Sonics officials are in Olympia testifying today before the Senate Ways and Means Committee about their proposal.