The City of Sacramento and Sacramento Kings have agreed to terms on a new arena at the site of the Downtown Plaza Mall. The City Council will be asked to approve the final details of the $477-million deal on May 20.
With the agreement, the city has released the details of the entire project including its funding portion. Lease revenue bonds totaling $212 million, $5.6 million from the parking system and $5 million from a master owner participation agreement make up most of the funding.
The city says the bonds could cost $298 million by the time they're paid off, but is asking the City Council for permission for a payoff amount not to exceed $325 million.
The city had planned to release all of the documents related to the project by May 3 with the expectation of a vote by Sacramento City Council on May 13. With the documents being released for public review Friday, the council will still have ten days - until the 20th of the month - to examine the details of the project.
Click on this link to see the agreement between the city and the Kings.
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