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Kings And City of Sacramento Agree To Arena Terms

  •  Bob Moffitt 
Friday, May 9, 2014 | Sacramento, CA
  

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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 sportsarenacity of sacramentoSacramento Kingskings3

Bob Moffitt

Former Sacramento Region Reporter

Bob reported on all things northern California and Nevada. His coverage of police technology, local athletes, and the environment has won a regional Associated Press and several Edward R. Murrow awards.  Read Full Bio 

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