SEATTLE (AP) — Two companies are vying to remake Seattle's KeyArena into an entertainment venue that's ready for an NBA or NHL team.

A city spokesman says Seattle has so far received two proposals ahead of Wednesday's 5 p.m. deadline for bids.

The Seattle Times says Los Angeles-based Oak View Group submitted a $564 million plan that calls for the 55-year-old facility to be renovated by October 2020 and ready for the following NBA or NHL seasons.

Another proposal comes from Los Angeles-based arena giant AEG which teamed up with Hudson Pacific Properties. They say their arena will be built to attract and accommodate future NBA and NHL teams.

A city committee is expected to review proposals and make a recommendation to Mayor Ed Murray in June. The city council would then decide whether to renovate KeyArena or go with a separate, new arena pitched for south of downtown by investor Chris Hansen.