Sacramento releases arena financing plan
All that's left to keep the Sacramento Kings in California's capital is a vote.
SACRAMENTO, Calif. — All that's left to keep the Sacramento Kings in California's capital is a vote.
Sacramento released the full financing plan for a new arena Thursday night, setting the stage for next week's City Council vote that will decide whether the Kings stay put. The nonbinding term sheet between the city and the Kings estimates the final price tag for the arena at $391 million.
The city council will vote on the project Tuesday, and Sacramento mayor Kevin Johnson has long expressed confidence there are more than enough members to approve the plan.
Under the agreement, the city will contribute $255.5 million, mostly by leasing out parking garages around the facility. The Kings have agreed to pay $73.25 million upfront and sign a lease obligating the team — and any future owners — to remain in Sacramento for 30 years.
Arena operator AEG will contribute $58.75 million, and another $3 million will come from a public-sponsorship campaign — such as selling engraved bricks and plaques around the building.
There also will be a 5 percent ticket surcharge to help fund the arena and a $1 ticket surcharge for facility maintenance.