The Sacramento Bee reports that the five votes needed to approve a deal to build a new arena in downtown Sacramento with funding from the city's parking assets and the Kings are in hand. The nine-member Sacramento City Council will weigh a term sheet reached by city staff, the Kings, the NBA and arena operator AEG at its meeting on Tuesday.
Kings Arena Appears To Have Necessary Sacramento City Council Votes, According To Report
If it receives five or more votes, the city would proceed on finalizing specific elements, including either a lease of publicly-owned parking facilities or the creation of a public parking authority that would then borrow against future expected parking revenues to help fund the construction of a new arena.
If approved, the arena is on track to open for the 2015-16 season. The Kings would commit to Sacramento for 30 years. They have been in town since 1985, with the Maloof family taking over ownership in 1999.
The Kings nearly moved to Anaheim a year ago, but Sacramento mayor Kevin Johnson, a former NBA All-Star point guard who grew up in the city, convinced the league to pressure the team to stay one more season as one final attempt for an arena was pursued.
Approval on Tuesday would be an incredible culmination of the city’s comeback.
For more on the Kings, visit Sactown Royalty and SB Nation Bay Area.
See More:
