Investor Christopher Hansen and the city of Seattle announced on Thursday a proposal to build a new arena with the hopes of bringing an NBA and NHL team to the city.

Hansen, a hedge-fund manager who works in San Francisco and is a native of Seattle, sent a proposal to the city that states $290 million in private investment will be raised for the new facility.

The remaining revenue, being reported at around $200 million, will be generated through tax revenue from the facility, along with property and rental income paid by any potential teams who would play there.

Hansen and his investment group would be the ones who would purchase an NBA franchise along with finding a partner to bring an NHL franchise to Seattle.

The arena is still in the proposal stage as Seattle mayor Mike McGinn stated that no public funds will be committed until an NBA and NHL franchise agree to come to the city.

Seattle has been without an NBA franchise since the Sonics left in 2008 after an effort to build a replacement for KeyArena never came to fruition.