04/25/24
March 27, 2013
Sacramento OKs Arena Deal to Hold Onto Kings: The Sacramento city council has approved a $448 million public-private deal to build a new 18,500-seat arena in a last-ditch effort to keep the Sacramento Kings from leaving for Seattle. City Mayor Kevin Johnson, a former NBA player, will appear before the NBA Board of Governors hoping to persuade them to reject the move. The city would own the arena and fork over $258 million of the cost. "We want the folks of Seattle to get a team, we wish them well, but we want to keep what's ours," Johnson said.
posted by rcade to basketball at 09:34 AM - 3 comments
I now live in Sacramento. Its been an interesting thing to watch- and nothing like what I am used to with new arenas built in Boston, Florida, and even going back to the New Madison Square Garden. But, one thing you need to learn in California- NOTHING gets done without government either doing it, or getting out of the way and allowing it. The way they are financing this monster is to monetize the downtown parking. Meters, garages, municipal parking lots- will be sold to investors, bondholders, etc., to gain the bulk of the downpayment. Other assets, including part of the 36hole golf course that hosts the State Fair golf tourney, and a former site of the US Womens Public Links, will be sold. The vote to pass this was 7-2. And they are able to approve this and go forward without voter approval/disproval because they are using existing budget resources. A city referendum three years ago failed miserably. The only thing I like about this is one of the proposed owners is Ron Berkel, who knows how to win.
posted by Leominster at 12:03 AM on March 28, 2013
Leominster, my condolences on your new location ;) But legal gamesmanship aside, all that money would've and should've gone to more productive uses.
posted by billsaysthis at 11:38 AM on March 28, 2013
Sacramento can afford $258M? I'd sure like to know where that's coming from that won't:
- cause cuts to city services like police, fire and family services - cost the city economy relative to other uses of the money - give the Kings owners $258M they should be putting up themselves