The Seahawks played their home games at the Kingdome from their 1976 inaugural season until 1999, sharing the stadium with Major League Baseball's Seattle Mariners and the National Basketball Association's Seattle SuperSonics. In 1995 a proposal was made to issue county bonds to fund a remodeling project of the facility. The proposal failed, and as a result, Seahawks' owner Ken Behring threatened to sell or move the team (likely to Los Angeles). In 1997 local billionaire Paul Allen pledged to acquire the team if a new stadium could be built and said that the team could not be profitable until they left the Kingdome. He asked the state legislature to hold a special statewide referendum on a proposal to finance a new stadium. Allen also agreed to cover any cost overruns. With Allen agreeing to pay the $4 million cost, the legislature agreed. The vote was scheduled to be held in June 1997 but in May a Seattle resident filed a lawsuit that claimed the legislature did not have authority to call for such a vote, since it would be paid for by a private party who could gain from the result. The case was delayed until after the vote. The proposal was pitched to voters as providing both a new home for the Seahawks and a venue for top-level soccer. It passed on June 17, 1997, with 820,364 (51.1%) in favor and 783,584 against. The vote was close in Seattle, but it received 60% approval in Seattle's northern and eastern suburbs. The public funding was unpopular farther away in the eastern portion of the state. In October, a Thurston County Superior Court judge ruled that the legislature acted properly and in the public's interest, and he dismissed the pending lawsuit. The Washington Supreme Court upheld the decision that December.

Voter approval of the referendum created a public–private partnership. The Washington State Public Stadium Authority was created to oversee public ownership of the stadium, exhibition center, and parking garage complex. Allen purchased the Seahawks and formed First & Goal Inc. to build and operate the facility. The budget for the project was $430 million. Of this cost, $44 million was allotted to build the Event Center, $26 million for the parking garage, and $360 million for the stadium. First & Goal was to cover cost overruns and pay up to $130 million of the project while the contribution from the public was capped at $300 million. The public funding package included new sports-related state lottery games, taxes on the facility's admissions and parking, sales tax credits and deferrals, and an eight-year extension of the 2% tax on hotel rooms in King County. The taxes on admissions and parking are set at 2% to pay off the project's tax-exempt bonds. Those taxes will be kept below the authorized 10% to preserve the tax-exempt status, but the percentage will be increased to the full amount when the bonds are completely paid in 2021. At such time, they will become dedicated funding sources for maintenance and modernization of the facilities.

In September 1998, First & Goal signed a 30-year stadium lease that includes options to extend for another 20. Per the agreement, the Public Stadium Authority receives $850,000 a year from First and Goal (adjusted for inflation), and First & Goal keeps all revenue from the stadium and parking garage. The company receives 80% of the revenue from the exhibition center while the other 20 percent is allotted to a state education fund. First & Goal is responsible for all operating and maintenance costs, expected to be $6 million a year, and must keep the facility in "first-class" condition. Other details of the lease include the availability of affordable seats, a coordinated effort with neighboring T-Mobile Park (the Mariners' current ballpark) to prevent gridlock, a provision for naming rights, the investment in public art at the stadium, and the giveaway of a luxury suite to a fan each Seahawks' game.

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