SACRAMENTO, CA - The Sacramento City Council unanimously voted to move ahead with plans to privatize city parking assets Tuesday night.
The motion, which passed 9-0, requests bids from companies that want to take over the city's parking.
The city believes it could raise up to $240 million if it handed over revenue from city parking to a private company for the next 50 years.
The money would go towards construction costs for building a new sports and entertainment complex, which is estimated at $400 million.
Next, Mayor Kevin Johnson will talk to Kings' owners the Maloofs, AEG, an arena management company and the NBA on what they are planning to contribute to the arena construction costs.
In two weeks, the city council will vote whether or not to accept the term sheet of what all the parties involved agree to pay towards the arena construction. The Feb. 28 vote would essentially green light the arena construction project ahead of the NBA's March 1 deadline.
If the city did not meet the NBA's deadline, it would allow the Kings' owners to consider moving the franchise.
News10/KXTV