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Sacramento Agrees to Preliminary Arena Deal
Posted By HOOPSWORLD On March 23, 2013 @ 8:51 pm In Headlines,NBA Headlines | No Comments
Sacramento Mayor Kevin Johnson says his city has reached a preliminary agreement for a new downtown arena with an investment group that hopes to keep the Kings from moving to Seattle.
Johnson announced the agreement Saturday on his Twitter account. He said the group includes Silicon Valley software tycoon Vivek Ranadive, 24 Hour Fitness founder Mark Mastrov and billionaire Ron Burkle. The City Council is planning to vote on the non-binding term sheet Tuesday.
The city plans to contribute about $258 million to the $448 million project by leasing out parking garages and land. Johnson said the deal will avoids new taxes and ensure a net impact to the city’s general fund.
via Associated Press
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