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Key Arena is located on the grounds of the old Seattle Center Coliseum within the Seattle Center, home of the 1962 World's Fair. The arena was built by the city of Seattle, completed in October 1983 and is considered a "renovation" to the Seattle Center. This renovation cost Seattle citizens $110 million in bonds backed by the city and paid by facility revenue. Key Bank paid $15.1 million for 15-year naming rights in 1995. Annual payments started at $750,000 with a 4% annual escalator. In addition, the arena incorporates an extensive recycling project which saves $1.5 million each year.