Sacramento releases financing plan for NBA arena
Thursday, September 8, 2011
SACRAMENTO, Calif. (AP) -- A task force established by Sacramento Mayor Kevin Johnson is recommending a plan to raise $400 million to build a downtown arena, a key step in the city's efforts to keep the NBA's Kings.
The plan announced Thursday by the Think Big Sacramento committee gives a menu of financing options to build an entertainment and sports complex near downtown, with the NBA franchise as the primary tenant.
The group proposes a three-way plan combining user fees with public money and private investment to generate $400 million without broad tax increases
The NBA has given Sacramento until March to come up with an arena financing plan or it will consider allowing the Kings to relocate, perhaps to Anaheim.
The plan will be presented to the City Council next week.