Details Being Ironed Out in Sacramento
Backers of a new downtown arena for the Sacramento Kings took a virtual victory lap through the city Tuesday – and plunged into the nitty-gritty details of a $387 million endeavor that still has as many questions as answers.
City Council members started to get briefed on elements of the complicated – and still tentative – financing arrangement. Sacramento County moved ahead on a plan to pitch in millions of dollars.
Council members were focusing on two key areas of the proposal: a still-evolving plan to pull $200 million-plus in upfront cash from the city’s parking operations, and details of the “term sheet” governing the arena development.
The term sheet, to be released to the public Thursday, will spell out who provides how much money toward construction – and how revenue from NBA games, ice shows and other events will get divided among the Kings, the city and arena operator AEG.
Although it’s nonbinding, the term sheet is a crucial item in the process.
At least one piece of the financial smorgasbord started to fall into place Tuesday. The county Board of Supervisors voted 4-1 to move ahead on a plan to help the city finance the project.
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