Quantcast
Thursday, March 1st, 2012 at 10:15 am  |  9 responses

City of Sacramento to Chip in $255 Million for Kings’ New Arena


Now that a deal has been reached to build a new arena for the Kings, it’s time to open up the old pocketbook. The building will cost the city of Sacramento over $255 million. Per the Sac Bee: “Sacramento city officials will release details [Thursday] of the arena deal reached earlier this week with the Kings, including this notable number: $255,530,000. That’s the amount Mayor Kevin Johnson and his negotiators agreed the city officially will contribute to building an arena in the downtown railyard by 2015. The official price tag of the arena was also bumped up from $387 million to $391 million. The figures are contained in a 15-20 page ‘term sheet’ agreed to Monday during negotiations between the city, the Sacramento Kings, the NBA and several private companies. The Bee received a City Hall briefing today on some of the deal points. Key elements: The Kings will sign a lease obligating the team and any potential future owners to remain in Sacramento for 30 years. The city will allow the Kings to refinance their existing $67 million city loan. A five percent surcharge will be applied on all tickets sold at the arena, for sports and non-sports events. That money will go to the city. The city receives a percentage of net profits earned by the arena operator. The anticipated prep and construction cost estimate for the arena has nudged up from a previous $387 million to $391 million. Another $3 million of the $391 million is slated to come from a public campaign, led by the mayor and Councilman Steve Cohn, where residents can purchase engraved bricks and plaques to be included at the facility site.

  • Add a Comment
  • Share
  • RSS

Tags: , ,

  • http://caseyvaughn.com AlbertBarr

    This is an example of true compromise and getting things accomplished. Seems like the city is getting a pretty good deal. The 30 year team commitment, surcharge on tickets, % of profits…not a bad deal. Now where do I buy one of those bricks…

  • http://twitter.com/djys DJ YS

    I have some friends bricks for sale. Oh, wait..

  • http://www.slamonline.com aman from arkansas

    Great news to hear now what about changing the logo and unis?

  • RunNGun

    How much a brick going these days at market value?

  • shawnkemp4prez

    Seattle, are you paying attention?

  • http://slamonline.com LakeShow

    That’s great that the city of Sac was down to pitch in. Common Seattle.

  • http://guyism.com/sports/michael-jordan-selling-chicago-area-home-for-29-million-dollars.html Caboose

    Though not a huge Kings fan nowadays, I’m still from Sacramento and I’ve gotta say that I’m proud of my home city for coming through like this. Good deal all around. And I agree, an updated logo would be AWESOME for marketing at the moment.

  • IAMORANGE4EVER

    @RunNGun you can get those bricks pretty cheap when your boy Rose is shooting from 3.

  • RunNGun

    @ORANGE Can you spell MVP? It’s R-O-S… you finish the name.

Advertisement