SACRAMENTO, Calif. (AP) — The Sacramento City Council has begun a critical meeting that will decide the future of the Sacramento Kings.
A year after the team almost moved to Anaheim, Sacramento’s plan to help finance a new $391 million arena was a vote away from approval Tuesday night. The non-binding term sheet, signed off by the Kings and the NBA last week, would keep the team in Sacramento for at least another 30 years.
Under the agreement, the city would contribute $255.5 million to the project, mostly by leasing out parking garages around the facility. The Kings have agreed to pay $73.25 million and arena operator AEG would contribute $58.75 million. The remaining gap would be covered by a ticket surcharge, advertising around the facility and a public sponsorship campaign.
