The Sacramento City Council voted 7-2 to approve the Sacramento Kings arena financing plan term sheet recently hammered out by Mayor Kevin Johnson, the owners (the Maloof family) and the National Basketball Association, paving the way for construction to possibly begin this year.
According to the city council, the term sheet provides a framework for how the city will develop the $391-million Entertainment and Sports Complex at the Railyards site in conjunction with the Sacramento Kings, Anschutz Entertainment Group (AEG) and the ICON-Taylor group. The city will contribute $256 million to project, primarily via a public-private partnership involving city parking assets. An additional $132 million in private dollars will come from the Sacramento Kings ($73 million) and AEG ($59 million). The final $3 million will be raised via the “Brick by Brick” capital campaign initiative announced earlier this month by the mayor and council member Steve Cohn.